RIO DE JANEIRO, Friday, August 23, 2024- Brazil’s Securities and Exchange Commission (CVM) has approved on August 21, the country’s second Solana exchange-traded fund (ETF), bolstering its position as a leader in Latin America’s crypto investment landscape.
The new ETF, set to be launched by asset manager Hashdex in collaboration with BTG Pactual, follows the approval of Brazil’s first Solana ETF on August 8, introduced by QR Asset.
Hashdex, managing over $962 million in assets, has a history of innovation in the Brazilian market, having previously launched ETFs based on the Nasdaq Crypto Index, Bitcoin, and Ethereum.
The newly approved Solana ETF is currently in a pre-operational phase, but it underscores Brazil’s proactive stance on crypto investment products.
Meanwhile, the U.S. Securities and Exchange Commission (SEC) has been slow to approve Solana ETFs, despite earlier approvals for spot Bitcoin and Ether ETFs.
Recent setbacks have further clouded the prospects. Filings for Solana ETFs were recently removed from the Chicago Board Options Exchange (Cboe) website, and the SEC has not acknowledged the necessary 19b-4 forms, leading to speculation that approval may not happen soon.
