Brazil’s Securities and Exchange Commission Approves the Country’s First Solana ETF

Brazil’s Securities and Exchange Commission has approved the Solana ETF (exchange-traded fund), the first investment product of its kind in the country.

After being disclosed in the central database of the Brazilian Stock Exchange on August 7, the product is still in the pre-launch phase awaiting approval from Brazil’s main stock exchange, B3.

SOL Barely Reacts to Brazil’s Approval of Solana ETF

Local news organization called Exame Reported Newly Approved Solana ETF Will Follow CME CF Solana The US Dollar Benchmark, created by CF Benchmarks with support from the Chicago Mercantile Exchange (CME). This index is a benchmark price intended to provide a reliable US Dollar price for SOL.

Local asset management firm QR Asset will offer the exchange-traded fund, while Brazilian fintech firm Vortx will act as the product manager, the report added.

This new fund will also be among the first to launch globally. Swiss investment products provider 21Shares launched the first Solana ETF on the SIX Swiss Exchange in June 2021.

SOL price barely reacted to the news, printing A Simple gain In the last 24 hours of trading at $154.28 as of 3:50 AM ET.

The SEC has until March 2025 to reject or approve SOL ETFs.

In the US market, VanEck and 21Shares filed to launch their Solana-based exchange-traded funds in June. In early July, the Chicago Board of Options Exchange (CBOE) filed two Form 19b-4 filings on behalf of the two asset managers with the US Securities and Exchange Commission (SEC).

The SEC’s guidelines require the commission to approve or deny the Chicago Board Options Exchange’s application to list Solana’s ETFs within 240 days of filing. That puts the deadline for a decision at about March 2025.

Catherine Dowling, Chief Compliance Officer at Bitwise, discusses her company’s Ether ETF application and the potential for new crypto-related products. https://t.co/hKIvliRCnX pic.twitter.com/PvMFeG4wWU

— Bloomberg Crypto (@crypto) July 9, 2024

With a few months to go before the SEC reveals its decision, Kathryn Dowling, Bitwise’s chief compliance officer, said in an interview with Bloomberg on July 9 that the SEC is open to discussions regarding ETFs for cryptocurrencies other than Bitcoin and Ethereum.

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