A recent story by Exame says that QR Asset and Vortx, two Brazilian asset managers, have said they want to launch the first Solana exchange-traded fund (ETF) in the country. The CF Benchmark’s Solana Dollar Reference Rate Index will be used as the basis for this ETF. This is a significant advance toward incorporating cryptocurrency into common financial goods in Brazil.
But the Solana ETF can’t go live until it gets approval from B3, the Brazilian stock market. At the moment, the ETF is still in the “pre-operational” stage, waiting for the regulatory authorities to give the go-ahead. As of now, the Brazilian government has not said when buyers will be able to buy the Solana ETF.
Pioneering Solana ETF Launch
With this Solana-based ETF, QR Asset showed that it was proud to be at the top of global innovation. This showed that interest in Solana’s blockchain technology and its possible uses was growing. Brazil has a past with crypto ETFs, such as QR Asset’s decentralized finance ETF, which began trading in February 2022 under the ticker QF111.
This move is in line with that history. The Bloomberg Galaxy DeFi Index is used to compare the QF111 to other major decentralized finance systems, such as MakerDAO, Aave, and Uniswap.
BlackRock’s iShares Bitcoin Trust ETF is also available in Brazil. It is sold in South America as the iShares Bitcoin Trust BDR ETF. This gives investors a range of crypto investment choices.
On the international front, VanEck and 21Shares are two asset managers that have asked the U.S. Securities and Exchange Commission to approve spot Solana ETFs. But these plans haven’t been made official yet because the U.S. regulator hasn’t replied.
As a surprise, Samara Cohen, BlackRock’s Chief Investment Officer for ETF and Index Investments, said that the company will not be giving a Solana-based ETF any time soon. Cohen said that the lack of CME futures for Solana and the small amount of institutional support were two main reasons BlackRock decided not to start a Solana ETF right now.
While Brazil waits for official approval from B3, the possible start of the Solana ETF could be another significant move toward the country’s acceptance of cryptocurrency investment products. This would continue the country’s history of being a leader in integrating digital assets into financial markets.
