Solana Etfs Approved In Brazil
Date
8/21/2024 3:28:01 PM
(MENAFN- Yolo Wire) financial regulators in Brazil have approved spot %Solana (CRYPTO: $SOL) exchange-traded funds (ETFs).
The Brazilian Securities and Exchange Commission has approved two Solana ETFs to begin trading on the country’s main stock exchange.
The Solana ETFs are the first such investment vehicles to be approved in the world.
To date, several other countries, including the U.S. and Canada, have approved spot %Bitcoin (CRYPTO: $BTC) and %Ethereum (CRYPTO: $ETH) ETFs.
However, most countries have not branched out beyond bitcoin and Ether when it comes to ETFs that track the price movements of cryptocurrencies without requiring investors to own the digital assets.
In Brazil, one of the new Solana ETFs is being offered by Hashdex, a Brazil-based asset manager with over $962 million U.S. in assets under management.
A second Solana ETF is being made available by Brazil-based asset manager QR Asset.
Hashdex and QR Asset are experienced with ETFs and already offer both Bitcoin and Ethereum-based ETFs to investors.
%Cryptocurrency analysts speculate that Solana-based ETFs could be the next ones approved in the U.S., though most agree it will take several years for that to happen.
Solana’s price has risen 560% over the last 12 months and currently trades at $139.86 U.S.
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