8M
...
The Brazilian Securities and Exchange Commission (CVM) has approved the country’s first Solana-based exchange-traded fund (ETF). This product, still in its pre-operational stage and pending approval from the Brazilian stock exchange B3, marks one of the first Solana-based exchange-traded products globally. The ETF will follow the CME CF Solana Dollar Reference Rate, developed by CF Benchmarks with the Chicago Mercantile Exchange (CME). QR Asset, a Brazilian asset manager, will offer the ETF, with local fintech Vortx managing it.
This move highlights Brazil’s growing role in regulated crypto investments. The new ETF underscores QR Asset’s dedication to providing quality and diversification to investors, according to Theodoro Fleury, the company’s manager and chief investment officer. Brazil, the largest South American country, has been increasingly accommodating to crypto ETFs, having listed Bitcoin and Ethereum ETFs between 2021 and 2022 and BlackRock’s iShares Bitcoin Trust ETF in March 2024. This development strengthens Brazil’s position as a leading market for crypto asset investments.
