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Solana spot ETF approved by Brazil's Securities and Exchange Commission, set to launch in three months

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Solana spot ETF approved by Brazil

The Brazilian Securities and Exchange Commission (CVM) has approved the Solana spot ETF. Although the official launch date of the ETF has not been announced, it is expected to be listed within the next 90 days.

Brazil Approves Solana Spot ETF

According to reports from Exame and other local media outlets, the Brazilian Securities and Exchange Commission (CVM) has approved the Solana spot ETF application by issuer QR Asset. QR Asset has previously offered other cryptocurrency products, such as the first batch of Bitcoin ETF "QBTC11" approved in 2021.

The ETF is issued by Brazilian asset management company QR Asset and managed by fund management company Vortx, and is currently awaiting approval from the Brazilian Securities Exchange.

The Solana spot ETF will use the CME CF Solana USD exchange rate developed by CME and Crypto Facilities CF as a price reference. While the official launch date of the ETF has not been announced yet, it is expected to be listed within the next 90 days.

Theodoro Fleury, Chief Investment Officer of QR Asset, stated:

This ETF reaffirms our commitment to providing Brazilian investors with high-quality, diversified investment options. We are honored to be pioneers in this field, solidifying Brazil's leading position in the regulated cryptocurrency investment market.

US Firms Apply for Two Solana Spot ETFs

In contrast, U.S. regulatory authorities appear to be more cautious.

Following the unexpected approval of multiple Ethereum spot ETFs in the U.S., institutions including VanEck and 21Shares have submitted S-1 applications for Solana spot ETFs to the U.S. Securities and Exchange Commission (SEC).

VanEck has applied for the first Solana ETF in the U.S., Bloomberg analyst: Approval is not impossible

Bloomberg ETF analyst Eric Balchunas emphasized in July that the approval of a Solana spot ETF in the U.S. will mainly depend on political factors. If former President and Republican candidate Trump wins the election, the likelihood of approval would be higher.