The Brazilian Securities and Exchange Commission has approved the launch of the country's first SOL-based exchange-traded fund (ETF). Exame writes about this.
To start trading with a new instrument, the Brazilian stock exchange B3 must add it to the listing. The product will track the price of the CME CF Solana Dollar Reference Rate. The index was created by CF Benchmarks with the support of the Chicago Mercantile Exchange.
The fund will be offered by the Brazilian company QR Asset. Fintech firm Vortx will act as the manager.
"This ETF confirms our commitment to offer Brazilian clients quality and diversification. We are proud to be global pioneers in this segment, strengthening Brazil's position as the leading market for regulated investments in digital assets," said Teodoro Fleury, Managing and Investment Director of QR Asset.
B3 is the largest exchange in Latin America. Her desire to start adding cryptocurrency products became known in 2021.
After launching an ETF for spot ETH in the USA, the community started talking about a similar fund for SOL. Bloomberg analyst Eric Balchunas noted that the chances of approving such a product in the next 12 months are closely linked to the prospect of a change in the US president.
Recall that in June, the 3iQ digital asset manager applied for registration of Canada's first Solana-ETF with the option of receiving remuneration from staking (6-8% per annum).
Earlier, Matrixport co-founder Daniel Yang expressed an opinion about the possibility of cryptocurrencies becoming the next contender for the launch of an exchange-traded fund. Jeffrey Kendrick, head of research at Standard Chartered, also predicted the appearance of ETFs on SOL in 2025.
A similar point of view is shared by Ripple CEO Brad Garlinghouse and Galaxy Digital CEO Mike Novogratz.