Brazil's securities watchdog has given the thumbs up to a spot Solana exchange-traded fund (ETF). It's a first of its kind globally. The move puts Brazil ahead of the US in the crypto ETF game.
The Brazilian Securities and Exchange Commission (CVM) greenlit the ETF. QR Asset, a local asset manager, created it. Vortx will run the show as fund administrator.
The ETF isn't live yet. It's waiting for the nod from B3, Brazil's stock exchange. Once that's sorted, it'll be game on.
The fund will track the CME CF Solana Dollar Reference Rate. CF Benchmarks and the Chicago Mercantile Exchange (CME) cooked up this index.
Theodoro Fleury, QR Asset's big cheese, is chuffed. He told local rag exame that his firm is "a global pioneer in this segment." Fleury reckons this cements "Brazil's position as a leading market for regulated investments in crypto assets."
While Brazil's racing ahead, the US is still at the starting line. No spot Solana ETF there yet. But the yanks aren't sitting on their hands.
VanEck and 21Shares have thrown their hats in the ring. They've filed S-1 forms with the US Securities and Exchange Commission (SEC). They're hoping to get the green light soon.
Standard Chartered's crystal ball sees Solana and XRP ETFs on the horizon. But they reckon it's more of a 2025 story than a 2024 one.
VanEck's digital assets guru has a different take. He thinks a US Solana ETF hinges on who wins the White House. He called the lack of a regulated Solana futures market a "Psyop" by SEC boss Gary Gensler.
BlackRock's not buying it. They're skeptical. They reckon we won't see much beyond Bitcoin and Ethereum ETFs for a while.
Up north, Canada's getting in on the action. 3iQ's gunning to be North America's first Solana ETF. They're not just buying SOL, they're staking it too. "The Solana Fund offers easy exposure to SOL without technical complexity," they said.
Brazil's move is a big deal. It's not just about Solana. It's about who's leading the crypto ETF charge. For now, it looks like samba's beating out the star-spangled banner.