Hashdex to Launch Solana ETF in Brazil
According to a recent report by Crypto Briefing, the popular cryptoasset manager Hashdex is gearing up to introduce a new exchange-traded fund (ETF) centered around Solana (SOL). The ETF, named the “Hashdex Nasdaq Solana Index Fund,” has already obtained approval from Brazil’s Securities and Exchange Commission (CVM). Currently, the fund is in its pre-operational phase, finalizing its setup before it is open to investors.
- Hashdex collaborating with BTG Pactual
- Established in 2018, managing over $962 million in assets
- Launched the world’s first crypto index ETF in 2021
Partnering with BTG Pactual, a prominent Brazilian investment bank, Hashdex has been a key player in the crypto ETF landscape since its inception in 2018. With assets under management exceeding $962 million, the firm made waves last year with the introduction of the Nasdaq Crypto Index (NCI), the first crypto index ETF worldwide. Additionally, Hashdex made history in Brazil by launching the country’s inaugural ETF based on a crypto index.
The unveiling of the Solana-focused ETF follows QR Asset’s approval for Brazil’s first Solana ETF on August 8.
US SEC Rejects Solana ETF Filings
In recent news, The Block reported that the U.S. Securities and Exchange Commission (SEC) rejected filings for two upcoming spot Solana ETFs by Cboe BZX. The SEC’s concerns about SOL’s classification as a security have persisted, leading to the withdrawal of the filings before progressing through the regulatory pipeline. Despite this setback, issuers like 21Shares and VanEck are actively pursuing approval, with their applications currently pending on the SEC’s filing system, EDGAR.
- SEC’s concerns about SOL classification as a security
- Issuers may refile or amend applications to address SEC’s concerns
While the SEC’s rejection of the 19b-4 filings poses a hurdle for Solana-focused ETFs in the U.S., it remains a possibility that issuers will refile or amend their applications to accommodate the SEC’s apprehensions.
Hot Take: Opportunities and Challenges in the ETF Landscape
With Hashdex’s forthcoming Solana-focused ETF in Brazil and the US SEC’s rejection of Solana ETF filings, the ETF landscape presents both opportunities and challenges for investors. As the industry continues to evolve, navigating regulatory hurdles and responding to market demand will be crucial for stakeholders in the crypto space.
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