Brazilian Securities and Exchange Commission Approves Solana-Based ETF

The Brazilian Securities and Exchange Commission (CVM) has approved a Solana-based exchange-traded fund (ETF).

The product, the first of its kind in Brazil, is among the first Solana-based ETPs worldwide. The first was launched by Switzerland-based investment product provider 21Shares on the SIX Swiss Exchange in June 2021.

According to CVM’s database, the Solana ETF is still in the pre-listing stage and has not yet been approved by Brazilian exchange B3. Local news outlet Exame reported that the product will be based on the CME CF Solana Dollar Reference Rate, which is created by CF Benchmarks with support from the Chicago Mercantile Exchange (CME).

The report stated that Brazilian asset manager QR Asset will offer the ETF, while Vortx, a local fintech focused on capital markets, will serve as manager.

“This ETF demonstrates our commitment to offering quality and diversification to Brazilian investors,” said Theodoro Fleury, QR Asset’s director and chief investment officer, in a statement. “We are proud to be a global pioneer in this segment, consolidating Brazil’s leading position in regulated investments in crypto assets.”

B3, which listed a Bitcoin ETF and an Ethereum ETF between 2021 and 2022, began offering BlackRock’s iShares Bitcoin Trust ETF (IBIT) in March 2024.

Cboe asked the SEC in July to allow asset managers VanEck and 21Shares to launch their Solana-based ETFs, but the request has not yet been granted.