Date: Thursday, August 08, 2024, 10:34 AM GMT
In a significant step for the cryptocurrency market, Brazil’s Securities and Exchange Commission (CVM) has given the green light for the launch of the world’s first spot Solana-based exchange-traded fund (ETF). While this product is still in its pre-operational phase and awaiting final approval from Brazil’s main stock exchange, B3, its approval marks a major milestone for crypto investments.
The spot Solana ETF will be managed by Brazilian asset manager QR Asset, with Vortx overseeing its operations. This ETF will track the CME CF Solana Dollar Reference Rate, an index that provides a reliable value of Solana in USD.
This move underscores Brazil’s proactive stance in embracing regulated crypto investments, positioning the country as a potential leader in this rapidly evolving field.
Despite this exciting development, Solana’s price has not seen a significant boost. At the time of writing, Solana is trading at $153.48, down by 0.2% over the past 24 hours.
As reported by Cointelegraph, the fund is currently in its pre-operational phase, where it begins raising initial funds from investors and formalizes contracts with service providers, including administrators, managers, and custodians. During this phase, the assets required to build the fund’s portfolio are also acquired.
While there is no specific launch date for the fund yet, it is expected to be available within the next 90 days. This approval marks an exciting step forward for the crypto industry and could pave the way for more spot ETFs in the future.
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