Brazil has taken a significant step in the crypto asset market by approving a spot Solana exchange-traded fund (ETF), making it one of the first countries to do so. The Brazilian Securities and Exchange Commission (CVM) has given the green light to the ETF, which is managed by QR Asset and operated by Vortx, a fund administrator. However, the ETF is currently in a pre-operational phase, pending final approval from Brazil’s stock exchange, B3.
The ETF will track the CME CF Solana Dollar Reference Rate, a benchmark created by CF Benchmarks and the Chicago Mercantile Exchange (CME). Once operational, it will provide Brazilian investors with regulated exposure to Solana, a leading blockchain platform known for its high-speed transactions and scalable infrastructure.
QR Asset’s chief investment officer, Theodoro Fleury, highlighted Brazil’s pioneering role in this sector. Fleury described the firm as a “global pioneer in this segment,” noting that the approval consolidates Brazil’s position as a key market for regulated crypto investments. This development positions Brazil ahead of the United States, where a spot Solana ETF has yet to be approved despite growing interest.
While Brazil advances with its Solana ETF, the U.S. remains in the process of approving similar products. Following the unexpected approval of several U.S. spot Ethereum ETFs, companies such as VanEck and 21Shares have filed with the U.S. Securities and Exchange Commission (SEC) to bring a Solana ETF to the U.S. market. However, experts suggest that approval might be postponed until after the 2024 presidential election, with some even referring to the delay as a “Psyop” orchestrated by SEC chair Gary Gensler.
Canada is also in the race to launch a Solana ETF, with investment fund manager 3iQ filing for approval. 3iQ’s proposed ETF would offer an innovative approach by staking the SOL tokens to earn rewards, providing an added layer of value for investors.
With the CVM’s approval, Brazil is set to solidify its leadership in the regulated crypto space, pending B3’s final go-ahead. As other countries, including the U.S. and Canada, work toward similar approvals, the global competition to bring Solana ETFs to market is intensifying.