Brazil clears its second spot Solana ETF for trading

Brazil has just approved another Solana exchange-traded fund (ETF), putting the country further ahead in the crypto game. The Brazilian Securities and Exchange Commission (CVM) has updated its central database to reflect this new development. 

This fresh Solana ETF, still in its pre-operational phase, will be launched by Hashdex, a local asset manager that already has a strong track record with over $962 million in assets under management. 

Hashdex is teaming up with BTG Pactual, a major investment bank in Brazil, to bring this ETF to market. 

This isn’t Hashdex’s first rodeo. They’ve already launched several other crypto-based ETFs on the B3, Brazil’s main stock exchange.  These include ETFs for the Nasdaq Crypto Index and the big names in crypto—Bitcoin and Ethereum

Before Hashdex got the nod, QR Asset Management was already in the game. The CVM had given them the green light for the first Solana ETF in the country on August 8.

It was designed to give Brazilian investors a way to tap into the Solana ecosystem without having to deal with the complications of directly buying and storing SOL tokens.

The ETF tracks the CME CF Solana Dollar Reference Rate, a pricing index developed by the Chicago Mercantile Exchange (CME) and CF Benchmarks.

This index pulls data from various crypto exchanges to provide a solid valuation for Solana, ensuring that the ETF price reflects real market conditions.

QR Asset’s ETF is also still in its pre-operational stage. It’s waiting for the final thumbs-up from the B3 stock exchange before trading can officially start. The launch is expected within the next two months, according to sources close to the matter.