The Brazilian Securities and Exchange Commission (CVM) has authorized a second Solana exchange-traded fund (ETF).
According to its central database, the product will be managed by Brazil-based asset manager Hashdex in collaboration with the local investment bank BTG Pactual. This new Solana (SOL) ETF is currently in its pre-operational stage.
Hashdex is well-established in the ETF market on the B3 Brazilian stock exchange. The company manages over $962 million in assets. On August 8, the CVM approved Brazil’s first Solana ETF, introduced by QR Asset, another Brazil-based asset manager.
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U.S. Approval For Solana ETF
In June, VanEck and 21Shares applied to launch spot Solana ETFs in the U.S.VanEck’s head of digital assets research, Matthew Sigel, recently stated that U.S. approval would be “inevitable” following Brazil’s first Solana ETF approval. However, there’s no clear timeline for when this might happen, and there’s a possible complication.
The filings for these ETFs were recently removed from the Cboe Global Markets website.VanEck’s Matthew Sigel mentioned that the chances of getting a spot Solana ETF approved in the U.S. could depend on the outcome of the 2024 presidential election and whether Gary Gensler remains the SEC chair. The filings were never posted on the U.S. SEC’s website, leading to Cboe pulling them, even though the issuers might still have active S-1 filings.