Brazil’s Securities and Exchange Commission CVM has approved the launch of the first Solana spot ETF.
The Brazilian Securities and Exchange Commission (CVM) has approved a Solana-based exchange-traded fund (ETF). Solana spot ETF is the first product of its kind in Brazil and among the first Solana-based exchange-traded products (ETPs) globally. The first was launched by Switzerland-based investment product provider 21Shares on the SIX Swiss Exchange in June 2021. Solana spot ETF is still in the pre-operational stage and needs approval from the Brazilian stock exchange, B3.
Brazilian SEC Approved Solana Spot ETF
In the latest development in the Solana network, the Brazilian Securities and Exchange Commission (CVM) approved the launch of the first spot Solana ETF. This initiative marks a significant milestone in integrating Solana into mainstream financial systems.
The newly approved Solana spot ETF will use the CME CF Solana Dollar for a consistent price quote. This was developed by the Chicago Mercantile Exchange (CME) and Crypto Facilities (CF).
According to a local business publication exame, Solana spot ETF, created by Brazilian asset manager QR Asset and operated by fund administrator Vortx, is still in the pre-operational stage and needs approval from the Brazilian stock exchange, B3.
Theodoro Fleury, QR Asset manager, and chief investment officer, told Exame “This ETF reaffirms our commitment to offering quality and diversification to Brazilian investors. We are proud to be global pioneers in this segment, consolidating Brazil’s position as a leading market for regulated investments in crypto assets.”
Solana spot ETF Around the World
The approval of Solana spot ETF in Brazil could trigger a similar move in the United States. In June, VanEck and 21Shares filed for a Solana spot ETF with the SEC. In July, the Chicago Board Options Exchange (CBOE) also filed for Solana ETFs and invited public comments on this proposal. In May, British bank Standard Chartered predicted in a research note that Solana spot ETF and XRP ETFs are on the horizon, “albeit this is likely a 2025 story not a 2024 one.”
Moreover, the regulatory outlook for altcoins like Solana in the US might be improving. A recent adjustment in the SEC’s lawsuit against Ripple, which exempted Solana and certain other altcoins from being classified as securities, has fueled optimism about the regulatory future of these digital assets.
Solana Price Hit New ATH
The crypto market has seen a rebound in the past 24 hours. This is fueled by the final ruling of the SEC lawsuit against Ripple. In the midst of this rebound, Solana’s (SOL) price jumped nearly 7% to trade at about $155 on Thursday during the early Asian session.
Solana, valued at about $90 billion with a daily trading volume of $6.9 billion, has bounced back significantly from the recent crypto crash.
Solana’s price is trying to regain the 50- and 200-day Moving Averages as key support levels for continued growth. It has also established a strong support level of around $120, which held firm during the recent crypto crash.
The Solana network has gained more retail and institutional investors worldwide. This makes it the fourth most valuable digital asset by market cap, surpassing Binance Coin (BNB). The Brazilian Securities and Exchange Commission (CVM) approved the launch of the first spot Solana ETF. This financial product is still in the pre-operational stage and needs approval from the Brazilian stock exchange, B3.
Brazilian SEC’s approving Solana spot ETF signifies a major leap in investment options within the crypto market. However, the crypto market is highly volatile in nature. It is advised to do own research and seek financial help before investing in any cryptocurrency.
Also Read:- Ripple Wins Major Lawsuit, Fined $125 Million
