Brazilian Regulator Approves Solana ETF

The Brazilian Securities and Exchange Commission has approved the launch of the country’s first exchange-traded fund (ETF) based on SOL, reports Exame.

For trading to commence, the new instrument must be listed by the Brazilian stock exchange B3. The product will track the CME CF Solana Dollar Reference Rate, an index created by CF Benchmarks with support from the Chicago Mercantile Exchange.

The fund will be offered by Brazilian company QR Asset, with fintech firm Vortx acting as the manager.

“This ETF confirms our commitment to offering Brazilian clients quality and diversification. We are proud to be global pioneers in this segment, strengthening Brazil’s position as a leading market for regulated digital asset investments,” noted QR Asset’s Managing and Investment Director Teodoro Fleury.

B3 is the largest exchange in Latin America. Its interest in adding cryptocurrency products became known in 2021.

Following the launch of a spot ETH ETF in the US, there has been talk of a similar fund for SOL. Bloomberg analyst Eric Balchunas noted that the chances of such a product being approved in the next 12 months are closely tied to the prospect of a change in the US presidency.

In June, digital asset manager 3iQ filed for the registration of Canada’s first Solana ETF, with a staking reward option of 6-8% per annum.

Previously, Matrixport co-founder Daniel Yan suggested Solana as the next ETF candidate. Standard Chartered’s Head of Research Geoffrey Kendrick also predicted the emergence of a SOL ETF in 2025.

This view is shared by Ripple CEO Brad Garlinghouse and Galaxy Digital CEO Mike Novogratz.