The Brazilian Securities and Exchange Commission (CVM) has approved a second spot Solana exchange-traded fund (ETF). This new fund, currently in its pre-operational phase, will be launched by Hashdex, a leading asset manager in Brazil, in partnership with the local investment bank BTG Pactual.
Hashdex, already a significant player on Brazil’s B3 stock exchange, has previously introduced ETFs linked to the Nasdaq Crypto Index, Bitcoin, and Ether. The approval of this new Solana ETF marks a continuation of Brazil’s expanding cryptocurrency investment options.
Earlier this month, Brazil’s CVM also approved the country’s first spot Solana ETF, developed by QR Asset and managed by Vortx, which boosted the price of Solana tokens (SOL), which rose 5% to $155.9. The approval reflects the trend of increasing access to cryptocurrency investment products in Brazil.
In contrast, efforts to introduce spot Solana ETFs in the United States have faced setbacks. Applications from VanEck and 21Shares, initially filed in June, have been removed from the Cboe Global Markets website. Despite this, VanEck remains optimistic about future approvals, with Matthew Sigel, the firm's head of digital assets research, suggesting that US approvals could follow Brazil's lead.
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