The Brazilian Securities and Exchange Commission has approved the country’s first Solana exchange-traded fund. The Solana ETF, managed by QR Asset and run by Vortx, will refer to CF Benchmark’s Solana Dollar Reference Rate Index.
According to Brazilian news outlet Exame, the Solana ETF still requires approval from the Brazilian stock exchange B3. It is currently in a pre-operational stage.
QR Asset expressed pride in leading this initiative, aiming to bolster Brazil’s position in the regulated crypto asset market.
We are proud to be global pioneers in this segment, consolidating Brazil’s position as a leading market for regulated investments in crypto assets.
— Theodoro Fleury, QR Asset investment director
Brazil has previously approved crypto ETFs for Bitcoin and Ethereum. QR Asset launched a decentralized finance ETF in February 2022, under the ticker QF111, benchmarked on the Bloomberg Galaxy DeFi Index.
Brazil also offers BlackRock’s iShares Bitcoin Trust ETF. In the U.S., VanEck and 21Shares have filed for spot Solana ETFs, but the SEC has yet to respond.
BlackRock’s chief investment officer for ETF and index investments, Samara Cohen, indicated that the investment giant will not offer a Solana-based ETF due to its lack of CME futures and institutional backing.
