Rio de Janeiro, Monday, August 12, 2024 – Brazil’s Securities Regulator CVM (Comissão de Valores Mobiliários) approved Solana-based Exchange-Traded Fund (ETF), on August 8.
The ETF, set to launch within the next 90 days, will track the CME CF Solana Dollar Reference Rate, a benchmark developed by CME Group and Crypto Facilities to accurately reflect Solana’s price.
The product, offered by QR Asset Management and managed by Vortx, is expected to begin trading soon.
The ETF will track the CME CF Solana Dollar Reference Rate, a benchmark for Solana’s price.
A verified account on X Called MartyParty posted the following
“The Brazilian Securities and Exchange Commission (CVM) has approved the launch of the first Solana spot ETF in Brazil and worldwide.
“The Solana ETF approved by the CVM will have as its reference price the CME CF Solana Dollar Reference Rate, which is a reference rate designed to provide a reliable and transparent measure of the value of #Solana (SOL) in US dollars (USD).
“Developed by the partnership between the Chicago Mercantile Exchange (CME) and Crypto Facilities (CF), this index aims to offer a standardized and accurate quote for the price of Solana, based on transaction data carried out on the main cryptocurrency exchanges.
The fund is already in the pre-operational phase.
During this phase, the ETF begins raising initial funds from investors and formalizes contracts with service providers, such as administrators, managers and custodians. In addition, the assets necessary to compose the fund’s portfolio are acquired.
Although there is no specific date yet for the launch of the fund, it should be launched within a maximum of 90 days.”
In the US Vaneck and 21shares are seeking approval to launch Solana spot ETFs in the U.S.
Vortx is the asset management firm tasked with overseeing the new Solana ETF. With experience in managing investment portfolios, Vortx will be responsible for the day-to-day operations of the fund, including investment decisions, risk management, and investor relations.
QR Asset Management is the Brazilian financial institution behind the Solana ETF. With a history of offering innovative investment products, including one of the country’s first Bitcoin ETFs, QR Asset is positioning itself as a leader in the digital asset space. This latest venture into Solana ETFs demonstrates the company’s commitment to providing investors with diverse and accessible investment options.
