Brazilian regulators have officially green-flagged the country’s second Solana Exchange Traded Fund [ETF].
The fund is currently in its pre-operational phase. It is all set to be offered by Brazil-based Hashdex and native investment bank BTG Pactual. Hashdex, on its part, manages over $962 million in assets.
The Brazilian Securities and Exchange Commission, aka Comissão de Valores Mobiliários [CVM], approved the first Solana-based ETF earlier this month. Local asset manager QR Asset offered the aforementioned ETF. Meanwhile, fintech firm Vortx assumed the role of the fund manager.
Meanwhile, in the US, exchange operator Cboe Global Market filed a request with the US Securities and Exchange Commission [SEC] last month to list VanEck and 21Shares’ Solana-based ETFs.
As reported by blocmates recently, the request had not been sanctioned. The apex securities regulator ought to make a decision by March next year.
The commodity-not-a-commodity debate associated with crypto assets is yet to be resolved. Expressing the asset manager’s stance, Matthew Sigel, VanEck’s Head of Digital Assets Research, recently asserted,
“For the record, VanEck believes SOL is a commodity, much like BTC and ETH. This belief is informed by evolving legal perspectives, where courts and regulators have begun to recognize that certain crypto assets may function as securities in primary markets but behave more like commodities in secondary markets.”
Bloomberg’s Senior ETF analyst Eric Balchunas recently highlighted via a post on X that Solana ETF filings never made it past the second step in the US. Resultantly, the exchanges withdrew their 19b-4 forms.
With respect to the odds of an approval, the analyst exclaimed,
“Near-zero chance in 2024 and if Harris wins there's prob[ably] near-zero chance in 2025 too. Only hope IMO is if Trump wins. A snowball's chance in hell of approval unless there's change in leadership.”
