The world's first Solana spot ETF is here 🎁
The U.S. Securities and Exchange Commission (SEC) has approved the launch of the first Solana spot ETF in Brazil and globally, provided by QR and managed by Vortx.
Currently, only Solana ETPs (Exchange Traded Products) are traded worldwide, such as Switzerland's 21Shares Solana ETP (ASOL), which is listed on six Swiss exchanges; while CoinShares Physical Solana and ETC Group Physical Solana are both traded on the German exchange Deutsche Börse Xetra.
The Solana ETF approved by the CVM will use the CME CF Solana USD Reference Rate F as the benchmark price, which is designed to provide a reliable and transparent measure of the value of the U.S. dollar (USD) for Solana (SOL).
The index was developed by the Chicago Mercantile Exchange (CME) in collaboration with Crypto Facilities (CF) to provide standardized and accurate quotes for Solana's prices based on trading data from major cryptocurrency exchanges.
This benchmark rate is calculated based on data sets collected from multiple reputable Solana exchanges. The data is aggregated and processed to eliminate noise and distortion, ensuring that the index accurately reflects the weighted average price of Solana over a given period of time. This process involves a rigorous method to filter out atypical transactions and market anomalies.
According to data news, the fund is currently in the pre-operational stage. However, for regulatory reasons, the ETF still needs to be approved by B3. Although a specific launch date has not yet been determined, it is expected to be launched in the coming period, no longer than 90 days.
For the Solana spot ETF, although Hashdex pioneered the launch of crypto ETFs in Brazil, QR led the launch of spot ETFs in the country through its HASH11, becoming the first management company to launch a 100% Bitcoin and Ethereum ETF.
Shortly after the successful launch of Bitcoin and Ethereum spot ETFs in the United States, the launch of the Solana ETF has attracted widespread attention in the international cryptocurrency market. Investment management company VanEck is the first company to apply for a Solana spot ETF in the United States.
However, unlike the smooth approval of Brazil’s Solana ETF, VanEck CEO Jan van Eck does not expect the application to be approved in the short term due to current SEC regulatory policy.
