The Brazilian securities regulator (CVM), equivalent to the U.S. SEC, has greenlighted the launch of a solana spot ETF for national markets. The product, the first of its kind to be approved, is offered by QR and managed by Vortx. It is already in its pre-trading stages.
Brazilian SEC Pioneers Solana Spot ETF Approval
Solana is gaining ground as another cryptocurrency aiming to make the jump to traditional investment markets. The Brazilian securities regulator (CVM), the country’s equivalent to the U.S. Securities and Exchange Commission (SEC), has reportedly greenlighted an application for launching a solana spot exchange-traded fund (ETF) in national markets.
The product would be the first solana spot ETF approved in the world, highlighting Brazilian regulators’ pioneering and open stance towards cryptocurrency products. It is an offering of QR, which has already offered other cryptocurrency-based products like QBTC11, one of the first bitcoin ETFs approved in 2021, and will be managed by Vortx.
The spot ETF will have the CME CF Solana Dollar Reference Rate as its price reference, which was developed by the Chicago Mercantile Exchange (CME) and Crypto Facilities (CF) to have an accurate quote for the price of solana based on prices of different centralized exchanges.
While there has not been a formal announcement of the date when this ETF will be launched, it should be listed in the following 90 days according to reports.
While Brazilian regulators have shown to be open to this crypto product, their U.S. counterparts are more apprehensive. While the approval of several ether spot ETF products prompted thoughts about Solana equivalents products launching soon, analysts differ on the feasibility of this happening.
Bloomberg Senior ETF analyst Eric Balchunas has stressed that this will be a decision with a large political element, assessing that if former President and Republican candidate Donald Trump wins the election, the odds of this happening will be higher. Currently, Vaneck and 21shares are seeking approval to launch Solana spot ETFs in the U.S.
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