Brazil Regulator Approves the World’s First Spot Solana ETF

Brazil’s Securities and Exchange Commission (CVM) has taken the lead, becoming the first regulator to approve a spot Solana exchange-traded fund (ETF). The Wednesday approval stated that QR would offer the Solana product to potential investors, and Vortx would manage it.

While CVM did not disclose the specific launch date, rumors suggest that the spot Solana ETF could start trading within the next 90 days. The spot ETF is in the pre-operational stage in Brazil’s national market as investors gear towards its imminent launch.

As disclosed in the Wednesday approval, the spot Solana ETF would get its price reference from the Chicago Mercantile Exchange (CME) CF Solana Dollar Reference Rate. The CME Crypto Facilities (CF) is an index developed by CME to show the accurate price of Solana on different centralized exchanges.

Brazil, The Trailblazers

Brazil was an early adopter of the spot Bitcoin and Ethereum ETF, allowing the products to trade on its exchanges long before the US approved theirs. Mathew Sigel, the head of Digital Assets Research at VanEck, described Brazil as a long-time pioneer in digital assets.

The spot Bitcoin ETF started trading in Brazil in August 2021 and accumulated  $100 million in assets under management (AUM) two years later. Brazil’s CVM also approved the Ethereum ETF in the same year, driving other countries to consider the alternative to direct Ether exposure.

Wen US?

The CVM’s approval of the Solana spot ETF has sparked speculation that the US SEC would consider signing off on applications for the same product currently on its table. Asset managers VanEck and Ark Invest’s 21 Shares have applied to Wall Street’s top regulator to approve the trading of the Solana ETF in the country.

“Brazil’s approval of a SOl ETF signals that a US counterpart isn’t just a possibility—it’s as inevitable as the next block on the chain. That said, it appears US regulation needs a soft fork before it can launch, and the White House controls the keys,” Sigel added.

Bloomberg’s analyst James Seyffat earlier stated that a change in the helm of affairs in both the SEC’s hierarchy and the White House could be the only clause holding the approval of a Solana spot ETF. Donald Trump promised to sack Gary Gensler on his first day in office and provide a conducive environment for digital currencies to thrive in the US.