The Rise of Solana ETFs in Different Markets
If you have been keeping an eye on the crypto market, you may have heard about the recent developments in the world of Solana exchange-traded funds (ETFs). Here’s a breakdown of what’s been happening around the globe:
Brazil’s Approval of Solana ETF
Recently, Brazil’s Securities and Exchange Commission (CVM) gave the green light to a spot Solana ETF, making it the first of its kind in the country. This approval signals a significant step forward for regulated investments in crypto assets in Brazil.
- The ETF is created by Brazilian asset manager QR Asset and operated by fund administrator Vortx.
- It is currently in a pre-operational phase and awaiting approval from the Brazilian stock exchange B3.
- The ETF will be based on the CME CF Solana Dollar Reference Rate, developed by CF Benchmarks and the Chicago Mercantile Exchange (CME).
- QR Asset’s manager and chief investment officer, Theodoro Fleury, sees the firm as a global pioneer in this space, solidifying Brazil’s position as a key market for regulated crypto investments.
Solana ETFs on the Global Stage
With Brazil’s approval of the Solana ETF, the country has surpassed the U.S. in introducing a spot Solana ETF to the market. Here are some key points to consider:
- Several U.S. firms, including VanEck and 21Shares, have filed S-1 registration forms with the U.S. Securities and Exchange Commission (SEC) for approval of spot Ethereum ETFs.
- A British bank, Standard Chartered, has predicted the emergence of Solana and XRP ETFs in the future, potentially becoming a reality by 2025.
- VanEck’s head of digital assets has linked the approval of a U.S. Solana ETF to the results of the U.S. presidential election, highlighting the absence of a regulated futures market for Solana.
- On the northern front, investment fund manager 3iQ has submitted an application for a Solana ETF in Canada, aiming to lead the North American market. Their unique approach involves staking SOL to support the shares, offering a streamlined way to gain exposure to the cryptocurrency.
Hot Take: What’s Next for the Solana ETF Market?
As the world of Solana ETFs continues to evolve, it will be interesting to see how different markets adapt and embrace these investment opportunities. Stay tuned for further developments in this space!
Sources:
– exame
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