While the prospect of a Solana ETF (SOL) in the US remains uncertain, Brazil is moving forward confidently.
QR Asset Management has announced that its Solana ETF will be available for public offering starting Wednesday, August 21. The ETF will be listed on Brazil’s B3 stock exchange on August 28, with shares priced at R$10 each.
Brazil Reveals Launch Date for First Solana ETF
The Brazilian Securities Commission (CVM) approved QSOL11 earlier this month. The fund, managed by Vortx, will track the CCME CF Solana Dollar Reference Rate, an index developed by CF Benchmarks and the Chicago Mercantile Exchange (CME) that provides reliable pricing for Solana.
The launch marks a new step for QR Asset, which already offers crypto-related products like QBTC11 and QETH11 for Bitcoin and Ethereum exposure, along with QDFI11, which focuses on DeFi platforms. The company views this ETF as another regulated option for both institutional and retail investors in Brazil to diversify their portfolios.
Read more: Solana ETF Explained: What It Is and How It Works
According to Theodoro Fleury, CIO of QR Asset Management, the launch highlights Brazil’s position as a leader in the crypto market and reflects the importance of having regulators open to the evolution of the ecosystem. Fleury noted that having proactive regulatory bodies is key to supporting innovations like QSOL11, especially in a market with growing interest in crypto-assets.
“As a market player, it is reassuring to have Brazilian regulators so attentive and open to the evolution of the crypto ecosystem in a regulated environment. The new ETF represents yet another regulated option for institutional and retail investors to diversify their portfolios and choose the ideal composition of their investments in the sector,” Fleury stated.
QR Asset is not the only firm moving forward with a Solana ETF in Brazil. The CVM has approved another Solana ETF currently in the pre-operational phase. Hashdex, a Brazil-based asset manager with over $962 million in assets under management, is backing the ETF in partnership with BTG Pactual. Hashdex has already launched several ETFs on B3, including ones tracking the Nasdaq Crypto Index and offering exposure to Bitcoin and Ethereum.
“Brazil tries to prove that the gain of incorporating new asset classes under a controlled environment could be bigger than the risks strict regulators attach to altcoin-based ETFs . The push into new products is working well for the country’s financial ecosystem, enabling investors to engage with these assets with clearly defined regulations. Other countries can be inspired by this approach, too, and similar results of robust and diversified market productivity is likely to achieved,” Ryan Lee, Chief Analyst at Bitget Research, told BeInCrypto.
Read more: Solana (SOL) Price Prediction 2024/2025/2030
Meanwhile, the path for Solana ETFs in the US remains challenging. As reported earlier by BeInCrypto, recent regulatory actions suggest that approval under the current administration is unlikely.
“A snowball’s chance in hell of approval unless there’s a change in leadership. Near-zero chance in 2024, and if Kamala Harris wins, there’s probably near-zero chance in 2025, too. The only hope, in my opinion, is if Donald Trump wins,” Bloomberg ETF analyst Eric Balchunas said.
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