February 16, 2025
Brazil Solana ETF Approval

Following the rising institutional interest in SOL and other crypto assets, the Brazilian Securities and Exchange Commission (CVM) has approved the first Solana exchange-traded fund (ETF) in the country. 

Revealed on August 7, 2024, on the CVM central database, the Solana ETF is still in its pre-operational stage, pending final approval from Brazil’s stock exchange, B3. 

Once launched, it will track the CME CF Solana Dollar Reference Rate, which was developed by CF Benchmarks alongside the Chicago Mercantile Exchange (CME), according to a report by Exame. 

This would ensure that the ETF’s value accurately reflects SOL’s market price, providing Brazilian investors with a regulated way to gain exposure to the popular cryptocurrency. The report added that the ETF will be offered by the Brazil-based asset manager QR Asset and managed by the fintech firm Vortx. 

Theodoro Fleury, manager and chief investment officer of QR Asset, emphasized the significance of this launch. “This ETF reaffirms our commitment to offering quality and diversification to Brazilian investors. We are proud to be global pioneers in this segment, consolidating Brazil’s position as a leading market for regulated investments in crypto assets,” he commented.

Read also: Valkyrie Co-founder, Top Experts Hint at XRP ETF

Brazil leading the U.S. and other countries in crypto ETF adoption 

With this recent development, Brazil has become one of the first countries in the world to approve a SOL ETF, coming out ahead of the United States. The first Solana ETF was launched in the Switzerland market—SIX Swiss Exchange—in June 2021 by 21Shares. 

21Shares and VanEck are among the global asset managers to seek approval to launch SOL ETFs in the U.S. markets. VanEck filed its Form S-1 registration statement with the U.S. SEC on June 27, 2024, to launch a spot SOL ETF dubbed “VanEck Solana Trust.” On June 2028, 21Shares also submitted its Form S-1 application with the regulatory agency to onboard the so-called “21Shares Core Solana ETF.”

Accordingly, the Chicago Board Options Exchange (CBOE)—where both ETFs would be listed—filed two Form 19b-4 applications on July 8 with the U.S. SEC, requesting the agency to approve the launch of 21Shares’ and VanEck‘s SOL ETFs. These applications are still under review by the Gary Gensler-led SEC with a response expected in March 2025. 

Related: Ripple-SEC Lawsuit ends after 3+ years: The Road Ahead for XRP

As the U.S. market regulators continue to deliberate on Solana ETF applications, Brazil’s proactiveness cements its position as a trailblazer in the crypto ETF market. Notably, bitcoin ETFs and Ethereum ETFs debuted in the Brazilian market between 2021 and 2022.

The country further expanded its offerings in March 2024 by introducing BlackRock’s iShares Bitcoin Trust ETF (IBIT). While the U.S. SEC approved the first-ever spot BTC ETFs in January 2024, ETH ETFs were approved in May 2024. 

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