As a seasoned analyst with a decade of experience in the global financial markets, I’ve witnessed the rapid evolution of cryptocurrencies and their integration into traditional investment vehicles. The recent approval of Brazil’s first Solana exchange-traded fund (ETF) by the Securities and Exchange Commission is yet another milestone in this transformative journey.
The Brazilian Securities Commission has given its green light for the launch of the nation’s inaugural exchange-traded fund based on the Solana blockchain.
Based on reports from Exame, a Brazilian news outlet, the creation of a Solana (SOL) ETF is set to be handled by asset managers QR Asset, with operations overseen by Vortx. Notably, CF Benchmark’s Solana Dollar Reference Rate Index will function as the benchmark for this new Solana ETF.
☑️ Exciting news for the crypto community! Brazil’s SEC has approved a Solana-based ETF, making it the first of its kind. This ETF is managed by QR Assets and Vortx and requires final approval from B3 before launching in approximately 90 days. 🚀 #SolanaETF #CryptoAdoption
— Ubaid Chand (@iamubaidchand) August 8, 2024
Meanwhile, it’s worth noting that the rollout of the product is contingent upon clearance from the Brazilian stock exchange, B3. At present, the Solana ETF remains in its preparatory phase.
Although the regulatory body has not specified an exact date for the launch of the Solana ETF accessible to Brazilian investors, QR Asset takes pride in leading the way globally by creating a Solana-centric exchange-traded product.
We take great pride in being innovators on the world stage within our specific field, thereby strengthening Brazil’s standing as a key player in the realm of secure cryptocurrency investment.
Theodoro Fleury, QR Asset investment director
As a researcher exploring the realm of cryptocurrencies, I’ve noticed that Brazil has a rich history when it comes to crypto Exchange-Traded Funds (ETFs). Previously, they have approved investment funds for Bitcoin (BTC) and Ethereum (ETH). In an exciting development, QR Asset introduced a Decentralized Finance ETF in February 2022, trading under the symbol QF111.
The item was compared against the Bloomberg Galaxy Decentralized Finance Index, a market benchmark that monitors prominent and actively used DeFi networks like MakerDAO, Aave, and Uniswap.
Additionally, it’s worth noting that Brazil is among the countries that provide access to the BlackRock Bitcoin Trust ETF, known locally as the iShares Bitcoin Trust BDR ETF.
In the U.S., companies like VanEck and 21Shares have submitted applications for Solana-based Spot ETFs (Exchange Traded Funds) to the U.S. Securities and Exchange Commission. However, as of now, the SEC has yet to provide a response.
It was revealed by Samara Cohen, BlackRock’s head of ETF and index investments, that the financial titan does not plan to launch a Solana-backed ETF anytime soon.
BlackRock opted not to offer the product now due to Solana’s absence of CME futures and limited institutional support, according to their reasons.
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2024-08-08 13:20