Brazil’s Securities and Exchange Commission (CVM) has given the go-ahead for the country’s second Solana exchange-traded fund (ETF), further cementing the nation’s growing embrace of cryptocurrencies.
The new ETF will be spearheaded by Hashdex, a Brazilian asset manager with over $962 million under management, in collaboration with local investment bank BTG Pactual. Hashdex has a proven track record in the Brazilian ETF market, having previously introduced products tied to the Nasdaq Crypto Index, Bitcoin, and Ethereum.
This latest approval follows closely on the heels of the CVM’s green light for Brazil’s first Solana ETF on August 8, which is being offered by QR Asset.
The new Solana ETF is currently in its pre-operational phase, signifying that it still requires final approval from the Brazilian stock exchange, B3, before it can be launched.
