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Crypto news: the Commissione per i titoli e gli scambi (CVM) of Brazil has approved a second ETF on Solana. The new Exchange-Traded Fund will be offered by Hashdex in partnership with the local investment bank BTG Pactual.
Summary
Brazil: the second crypto ETF on Solana is coming
La Commissione per i titoli e gli scambi (CVM) del Brasile ha annunciato di aver approvato un secondo ETF su Solana (SOL).
Brazil's @cvmgovbr has approved a second Solana-basedETF, which will be launched by Brazil-based asset manager Hashdex in partnership with local investment bank @BTGPactual.https://t.co/Vvhl806bQY
— CoinDesk (@CoinDesk) August 20, 2024
Brazil @cvmgovbr has approved a second ETF fund based on Solana, which will be launched by the Brazilian asset manager Hashdex in collaboration with the local investment bank @BTGPactual
The new Exchange-Traded Fund on Solana is in the pre-operational phase, but from what has emerged it will be offered by the asset manager of Hashdex, in partnership with the local investment bank BTG Pactual.
Specifically, Hashdex is an experienced operator in the ETF segment on the Brazilian stock exchange B3.
The asset manager based in Brazil with over 962 million dollars in assets under management, has already launched products such as the Nasdaq Crypto Index and ETFs based on Bitcoin and Ethereum.
Brazil: the second crypto ETF on Solana three weeks after the launch of the first
And speaking of ETF on Solana in Brazil, this news of the approval of the second fund arrives just three weeks after the first one was launched.
And indeed, only on August 8, the CVM approved the first ETF on Solana, starting this type of product in Brazil.
In that case, however, the Brazilian asset manager QR Asset offered the ETF while Vortx, a local fintech focused on capital markets, is the manager.
Moving to the USA, during this 2024, after the approval of spot Bitcoin ETFs in January and spot Ethereum ETFs in July, the rumors about a future launch of spot Solana ETFs and other crypto have intensified.
And so, already in June 2024, VanEck submitted its application for a Solana ETF in the USA, which is still under review.
The boom of crypto purchases
The new crypto ETFs on Solana launched this August 2024, reflect the increase in crypto purchases by Brazilians.
In fact, last May, the Brazilian economic newspaper Valor Economico, had highlighted this phenomenon.
In practice, it seems that in the official report of the Banco Central do Brasil (BCB), it has emerged that during 2023, the crypto purchases of Brazilians even on foreign exchanges have reached a total value of 12.3 billion dollars.
Not only that, it seems that this figure has increased by +20% during the first quarter of 2024, reaching 14.8 billion dollars in crypto purchases in March.