Lynn Johannson, Advisor, Sustainability and ESG
January 4th, 2024
Lynn Johannson, President of E2 Management Corporation and Catalyst for THE Collaboration
In a care[...]
Brazil Approves the First Ever Spot Solana ETF
Crypto News | Aug 8, 2024
Image: Freepik
Brazil's Securities and Exchange Commission (CVM) has approved the world's first spot Solana (SOL) exchange-traded fund (ETF)
As reported by the Defiant, Brazil's Securities and Exchange Commission (CVM) has approved the first Solana (SOL) exchange-traded fund (ETF) in Brazil, the first of its kind globally.
The ETF is awaiting additional clearance from the B3 stock market in Brazil and will monitor the CME CF Solana Dollar Reference Rate, a benchmark created by the Chicago Mercantile Exchange (CME) and CF Benchmarks, and be managed by Vortx and QR Asset Management.
See: Coingecko 2024 Report: Investing in Tokenized RWAs
The launch of the ETF offers Brazilian investors diverse exposure to Solana, which at the end of the day is significant for both Brazil and the entire crypto industry.
What About 3iQ’s Solana ETP?
A Solana exchange-traded product (ETP) was proposed by Toronto-based 3iQ in June 2024 but is still sitting waiting for approval by the Ontario Securities Commission. If authorized, it will be traded as a closed-end fund on the Toronto Stock Exchange, as opposed to the continuously traded VanEck Solana Trust that was filed in the United States.
Conclusion
Brazil's approval of the world's first spot Solana ETF sets another precedent in the global crypto market.
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