The Brazilian Securities and Exchange Commission (CVM) has approved a second Solana exchange-traded fund (ETF) shortly after authorizing the first one on August 8.
The new ETF, developed by asset manager Hashdex in collaboration with BTG Pactual, is still in the pre-operational stage. This follows the earlier approval of Brazil’s first Solana ETF by QR Asset.
Hashdex, a Brazilian asset manager with over $962 million in assets, is set to launch a new Solana (SOL) ETF.
Hashdex, known for its ETFs on Brazil’s B3 stock exchange, has previously introduced products based on the Nasdaq Crypto Index, Bitcoin, and Ethereum. This announcement follows the CVM’s approval of Brazil’s first Solana ETF by QR Asset on August 8.
The timing aligns with ongoing speculation about Solana ETFs in the U.S., where recent developments have cast doubt on their approval.
Despite challenges, asset managers like VanEck remain committed to pursuing Solana ETFs, though experts believe there is little chance of approval in the near term due to regulatory uncertainties.
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