Hashdex Launches Solana ETF in Brazil Amid US Security Speculations

Brazil is not holding back with Solana, as the Comissão de Valores Mobiliários (CVM)—the country’s regulatory agency—approved another Solana-based exchange-traded fund (ETF), according to the regulator’s database.

The fund is managed by Hashdex, a prominent name in the crypto asset management sector, in collaboration with BTG Pactual, a leading investment bank in Brazil. Being listed on the CVM’s database means the fund is in the final stages of preparation before it can trade in the public market.

Related: Breaking: Brazil Approves World First Spot Solana ETF

Earlier this month, the CVM approved Brazil’s first Solana ETF, created by QR Asset, another Brazilian asset manager, and administered by Vortx. This series of approvals highlights Brazil’s proactive stance on embracing cryptocurrency-based financial products.

If only the US could be this proactive.

Solana ETF Possible Only if Trump Wins, Says Analyst

In June, Crypto News Australia reported that asset management firms VanEck and 21Shares filed for spot Solana ETFs following the Securities and Exchange Commission’s (SEC) initial approval of Ethereum ETFs. 

There was early optimism—and a spike in price for SOL—largely driven by VanEck’s head of digital assets research, Matthew Sigel, who stated a month ago that a US approval of Solana ETFs would be “inevitable” following Brazil’s steps. But that didn’t age well.

Related: US Solana ETFs ‘Inevitable’ Following Brazilian Approval, Say Several Industry Experts

The two 19b-4 filings from VanEck and 21Shares for the Solana ETFs were recently removed from the website of Cboe Global Markets—the exchange that had filed them on behalf of the issuers in the first place. 

Cboe deleted the filings because the SEC was concerned with Solana’s potential status as a security. Unsurprisingly, the move has raised questions about the likelihood of these ETFs gaining approval in the US.

Senior Bloomberg ETF analyst Eric Balchunas commented on the situation on X. He noted that the filings never made it past step 2, i.e., the SEC never acknowledged them because it was not posted on the SEC’s website. 

Death on arrival. Balchunas commented: 

A snowball’s chance in hell of approval unless there’s change in leadership.

Eric Balchunas, Bloomberg

Balchunas suggested that the current regulatory environment under SEC Chair Gary Gensler, known for his strict approach to crypto-related activities, makes approval of Solana ETFs unlikely without significant leadership changes (i.e. if Trump wins).