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Brazil’s CVM remains the only regulator globally to approve a Solana spot ETF, with the agency authorizing its second on Tuesday.
The Brazilian securities regulatory body, Comissão de Valores Mobiliários (CVM), has approved its second Solana spot exchange-traded fund (ETF) a few days after sanctioning the first of the product worldwide. The regulator disclosed this in its central database on Tuesday.
CVM’s database stated that the new Solana spot ETF would be offered by Hashdex, a Brazilian-based $962 million asset manager, in conjunction with investment bank BTG Pactual. According to the regulator’s database, the fund is currently in its pre-operational stage.
Brazilian-based Hashdex becomes the second asset manager to get a Solana spot ETF approved by the CVM. On August 8, the regulator took a giant leap after becoming the first to authorize the first-ever exchange-traded Solana spot ETF. Asset manager QR will offer the Solana product while Vortx manages it.
Hashdex is experienced on the ETF front, having already offered a Nasdaq Crypto Index. The asset manager also has Bitcoin and Ethereum ETFs.
No Headway yet on a US Solana ETF
While asset managers in Brazil are getting regulatory support in launching a Solana spot ETF, their counterparts in the US have continued to see roadblocks.
The chances of the US SEC approving the product took another hit after the Chicago Board Options Exchange (CBOE) withdrew the 19b-4 filings made for the Solana spot ETF from its website. CBOE filed the Solana product for asset managers VanEck and 21Shares.
Speaking on the development, Bloomberg’s analyst Eric Balchunas noted that the US SEC never posted the filings from both asset managers on its website, signaling its unwillingness to see the application progress. He described the likelihood of approval as a “snowball’s chance in hell.”
Meanwhile, VanEck’s Head of Digital Asset Research, Matthew Sigel, maintained that the approval process for its Solana spot ETF is still ongoing.