Brazil Approves SOL Exchange Traded Funds (ETFs)

The issuance will occur after Brazil's stock market, B3, approves it, which is the next and final step in the process.

Brazil’s Securities and Exchange Commission (Comissão de Valores Mobiliários), or the CVM, has greenlit one of the only few spot Solana (SOL) Exchange Traded Funds (ETFs) in the world. The next and final step in the process is the approval from Brazil’s stock market, B3, after which the ETF will be issued.

This development comes after 21Shares launched the first-ever SOL ETF, ASOL, on Switzerland’s SIX exchange in 2021. Other ETFs include CoinShares’ Physical Solana and ETC Group’s product with the same name, both of which trade on Deutsche Börse Xetra in Germany.

The Brazilian SOL ETF will be offered by asset manager QR Asset and overseen and managed by Vortx, a fintech company that operates in the country. Notably, QR Asset has launched several other spot crypto ETFs, including those tracking Bitcoin and Ether. In fact, it was the first to issue 100% crypto ETFs.

The asset manager’s CEO, Theodoro Fleury, had this to say regarding the new ETF:

“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.”

Moreover, the fund will reference the CME CF Solana Reference Dollar Reference Rate F, which depicts the reliable movements of the SOL price in US Dollars. This rate was created by the Chicago Mercantile Exchange (CME) in collaboration with Crypto Facilities (CF) to track Solana prices from numerous exchanges.

This ETF does not yet have an official launch date, and there have been no announcements regarding the B3 exchange’s approval timeline. However, according to unofficial information, the fund will begin trading on the exchange within 90 days of the CVM’s approval.

As ETF enthusiasm continues to grow, several asset managers have applied to offer spot Solana ETFs in the United States, including VanEck and 21Shares. However, it remains to be seen whether this will come to fruition in the near term. Many believe that if Trump wins the presidency this year, it could increase the likelihood of these ETFs being approved.

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