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The first spot Solana exchange-traded fund is reportedly set to go live in Brazil soon. This update comes on the heels of approvals from the Brazilian Securities and Exchange Commission (CVM). The news has brought excitement within the crypto community, with the hope that it would propel SOL to an astronomical height.
Brazil's first Solana ETF
QR Asset Management will offer the first Solana ETF fund on its platform, with Vortx serving as the manager. QR Asset is among the leading asset managers in Brazil with assets under management (AUM) worth over R$876 million (about $155 million) and over 100,000 customers.
The spot Solana ETF is expected to begin trading as soon as approval is obtained from the Brazilian stock exchange B3. The CME CF Solana Dollar Reference Rate index will drive the fund's pricing. Created by CF Benchmarks, this index will provide a credible valuation of Solana from compiled transaction data from top crypto exchanges.
Overall, the approval of the Solana ETF solidifies Brazil’s position as a leader in the crypto ETF market. Brazil is among other countries pushing crypto advancements and the adoption of a clear regulatory framework in the ecosystem.
Uncertainty in US Solana ETF launch
While Brazil has gained regulatory approval for a spot Solana ETF launch, the U.S. still lags in this regard. Hopes for a spot Solana ETF launch in the U.S. remain uncertain due to regulatory obstacles. This fear comes despite applications for a Solana-based ETF from asset managers VanEck and 21Shares.
Meanwhile, BlackRock, a major asset manager in the U.S., has dismissed the idea of floating a Solana-based ETF. The lack of interest from this major asset manager in the crypto space threatens the approval of a Solana ETF in the U.S. This is because BlackRock holds a huge amount of influence in the financial and crypto ecosystem.