Langgam Pos - The Brazilian Securities and Exchange Commission (CVM) has granted approval for the operation of a second Solana Exchange-Traded Fund (ETF).
This approval was detailed in the CVM's central database, with the new Solana ETF currently in the pre-operational stage, set to be offered by Brazil-based asset manager Hashdex. Hashdex, known for managing assets worth over USD 962 million, is collaborating with local investment bank BTG Pactual to launch this ETF.
Hashdex is a prominent player in the ETF segment on Brazil's B3 stock exchange, having previously introduced products like the Nasdaq Crypto Index and ETFs based on Bitcoin and Ethereum.
On August 8, 2024, CVM had already approved the first Solana ETF in Brazil, offered by local asset manager QR Asset. This was also the world's first spot Solana ETF, using the CME CF Solana Dollar Reference Rate, developed by the Chicago Mercantile Exchange (CME) and Crypto Facilities (CF), to provide accurate Solana pricing based on various centralized exchanges.
As of Wednesday, August 21, 2024, data from Coinmarketcap shows that Solana (SOL) has declined by 3.72% in the past day and 4.72% over the past week, with its price currently trading at Rp.2,194,934.21 per coin.
Two Asset Management Firms File for Solana ETF with SEC
Asset management firms VanEck and 21Shares have filed a 19b-4 form for a Solana ETF with the Chicago Board Options Exchange (CBOE).
According to Nate Geraci, president of ETF Store, the decision-making process begins after the U.S. Securities and Exchange Commission (SEC) acknowledges these filings.
Bloomberg ETF analyst Eric Balchunas predicts that the most likely timeline for the Solana ETF would be mid-March 2025, with November being a critical month due to the U.S. presidential election. "If Biden wins, it's likely DOA. If Trump wins, anything is possible," Balchunas remarked in an interview with Yahoo Finance on Tuesday, July 9, 2024.
The 19b-4 form is a document that self-regulatory organizations, such as exchanges, must submit to the SEC for public listing. This means that these filings aim to register Solana-related products. However, this is only the first of two steps, as the approval of the 19b-4 form must be followed by the approval of an S-1 form, which allows for the trading of listed products.
CBOE's filing came less than two weeks after VanEck filed for the first Solana ETF in the U.S. At the time, Matthew Sigel, Head of Digital Asset Research at VanEck, expressed his belief that SOL is a commodity, similar to Bitcoin and Ethereum.
On June 28, just a day after VanEck's filing, 21Shares also entered the Solana ETF space with its application.
Despite the significant progress in the U.S. with the spot Solana ETF filings, on-chain research firm Kaiko noted that the news failed to make a significant impact on the market.
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