According to breaking information first reported by Cointelegraph, Brazil’s Securities and Exchange Commission (CVM) pioneered and approved the world’s first Solana Spot ETF.
The Comissão de Valores Mobiliários (CVM) has taken a significant step by approving the launch of the world’s first Solana spot ETF. This new investment product, offered by QR Asset Management and distributed by Vortx, will be traded on B3, the Brazilian Stock Exchange.
Currently, only Solana ETPs are being traded globally, such as the 21Shares Solana ETP (ASOL) in Switzerland, listed on the SIX Swiss Exchange; the CoinShares Physical Solana; and the ETC Group Physical Solana, both listed on the German exchange Deutsche Börse Xetra.
The Solana ETF approved by the CVM will use the CME CF Solana Dollar Reference Rate F as its reference price. This index is designed to provide a reliable and transparent measure of the value of Solana (SOL) in US dollars (USD). Developed in partnership between the Chicago Mercantile Exchange (CME) and Crypto Facilities (CF), the aim is to offer a standardized and accurate quotation of Solana’s price based on transaction data from major cryptocurrency exchanges.
According to information shared with Cointelegraph, the fund is currently in a pre-operational phase. During this stage, the ETF begins initial capital raising from investors and formalizes contracts with service providers, such as administrators, managers, and custodians, while also acquiring the necessary assets to compose the fund’s portfolio.
Although there is no specific launch date yet, the fund is expected to be launched within 90 days. While Hashdex was a pioneer in launching crypto ETFs in Brazil with HASH11, QR has led the launch of spot ETFs in the country, being the first manager to launch 100% Bitcoin and Ethereum ETFs.
