Brazilian Regulator Approves Second SOL ETF Reinforcing Solana Adoption in Latin America

Having already approved the world’s first Solana ETF (Exchange Traded Fund) earlier this month, Brazilian regulators have doubled down on their support of the asset.

Approving its second Solana ETF, Brazil continues to front-run global financial markets and lead Solana adoption in Latin America.

Brazilian SEC (CVM) Gives Hashdex The Nod

On August 20, the Brazilian Comissão de Valores Mobiliários (CVM), a government agency that plays a similar role to the U.S. Securities and Exchanges Commission (SEC), approved a second SOL ETF.

The fund is offered by the Brazilian arm of Hashdex, a multi-national crypto investment provider, in partnership with local investment bank BTG Pactual. 

Boasting a favorable reputation in the region, Hashdex claims to be the leading crypto asset manager in Latin America, responsible for launching Brazil’s first crypto index ETF (HASH11). According to Hashdex, the firm currently oversees $820M in AUM (Assets Under Management) and services over 245k investors worldwide.

Disclosed in the CVM’s online database, the new SOL fund is currently in a pre-operational stage and is expected to launch in the near future. For reference, Brazil’s first SOL ETF (QSOL11), offered by QR Asset Management, is slated to launch on Brazil’s B3 stock exchange on August 28th.

Solana Adoption Soars in Latin America

The landmark approval reinforces Latin America’s position as a rapidly expanding hub of Solana activity. Driven by inflation and political concerns in nations like Venezuela and Argentina, cryptocurrency adoption in the region has soared in recent years.

Despite the Venezuelan government banning crypto mining earlier this year, grassroots-level community organizations are flourishing. Solana is proving itself a popular network and crypto onboarding tool. In 2024 alone, over 12.6k people have attended onboarding events held by Solana Allstars in Latin America.

Solana Allstars attendance and event rates have steadily increased throughout the year, suggesting the general public’s growing interest in the Solana ecosystem and the opportunities it provides.

Disclaimer: Solana Allstars and SolanaFloor are owned and operated by Step Finance

U.S. Solana ETF Approval “A Snowball’s Chance in Hell”

Following the SEC’s recent rejection of 19b-4 Solana ETF filings in the U.S., hopes of a SOL ETF hitting Wall Street in the near future have diminished. Citing confusion around the asset’s status as a security and the absence of CME-approved Solana futures markets, the rejection confirmed the beliefs held by several financial experts.

Senior Bloomberg analyst Eric Balchunas has given SOL ETF approval in the U.S. “a snowball’s chance in hell”. Balchunas argues that an eventual SOL ETF approval’s “only hope is if Trump wins”, reflecting the sentiment demonstrated by his colleague James Seyffart.

While a Solana ETF in the U.S. remains uncertain, approvals in Brazil indicate the growing demand for cryptocurrency-based ETPs in the global economy. The Brazilian CVM’s approval suggests that other nations in the region may follow suit, solidifying Solana’s position as a reputable asset.

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