Second Spot Solana ETF Approved in Brazil

Key Points:

• Brazil’s CVM approved another spot Solana ETF, set to be launched by asset manager Hashdex in partnership with BTG Pactual.
• Hashdex is a leading player in Brazil’s ETF market, with a history of launching cryptocurrency-based funds on the B3 stock exchange.
• In the U.S., efforts to launch spot Solana ETFs face delays, but VanEck remains optimistic about eventual approval, following Brazil’s lead.

The Brazilian Securities and Exchange Commission (CVM) has green-lighted a second Solana exchange-traded fund.

Read more: Spot Solana ETF Filings Have Now Disappeared, Raising Suspicions of Issuer Withdrawal

Brazil’s CVM Approves Second Spot Solana ETF

The fund will be a new spot Solana ETF still in its pre-operational phase, and Hashdex, one of the largest asset managers in Brazil, is expected to launch this ETF in collaboration with a local investment bank BTG Pactual.

Hashdex is already a major player in the ETF market on Brazil’s B3 stock exchange, having listed a Nasdaq Crypto Index fund as well as ETFs pegged to the price of Bitcoin and Ether.

Earlier this month, the CVM approved Brazil’s first spo Solana ETF developed by QR Asset, another Brazilian asset manager, and administered by Vortx. The CVM move, in that case, comes to be an effective boost in expanding access to cryptocurrency investment products within Brazil.

US Spot Solana ETF Efforts Face Delays Amid Brazil’s Advancement

Listings of spot Solana ETFs in the United States, on the other hand, have been held up. Both VanEck and 21Shares filed for spot Solana ETFs in June following the initial green light given to Ethereum ETFs.

These applications were recently pulled from the website of Cboe Global Markets, the exchange that originally filed them. However, this firm isn’t giving up, and according to Matthew Sigel, head of digital assets research at VanEck, U.S. approvals will surely follow if Brazil leads the way.