Leading cryptocurrency asset, Solana takes center stage in Brazil as the country’s financial regulatory body has greenlighted the launch of the first Spot SOL Exchange-Traded Funds (ETF). With this clearance, Brazil becomes one of the few countries offering a regulated investment vehicle directly connected to Solana, marking a significant milestone for the nation.

Spot Solana ETFs Officially Approved In Brazil

In a landmark development for the cryptocurrency sector, the Securities and Exchange Commission (CVM) in Brazil clears the path for the first Solana Spot ETF trading in the country and globally. Marty Party, the host of Crypto Traders Club Space and Macro Alpha, shared the milestone on the social media platform X (formerly Twitter), which has garnered attention from crypto community members. While a precise debut date has not yet been disclosed, the spot SOL ETF is expected to begin trading in no more than 90 days.

According to Party, the spot SOL ETF will be developed by the world’s leading derivatives marketplace, the Chicago Mercantile Exchange (CME) Group, in collaboration with Crypto Facilities (CF). Thus, the CME CF Solana Dollar Reference Rate, a reference rate created to offer a trustworthy and transparent measurement of the value of SOL in US dollars (USD), will serve as the product’s reference price.

Marty Party noted that the products will provide a consistent and accurate Solana price quote by utilizing transaction data from the major cryptocurrency exchanges. He also stated that the spot Solana ETF is currently in the pre-operational phase, suggesting a launch in the short term.

Meanwhile, in this stage, the product will start soliciting initial investments from investors and sign official contracts with service providers, including administrators, managers, and custodians. Furthermore, the assets required to make up the fund portfolio are purchased.

This approval highlights the growing institutional interest and trust in SOL as a potential digital asset. Several crypto enthusiasts believe a spot SOL ETF will revolutionize the financial landscape due to its great performance and scalability and it is growing at a quick pace.

Other Nations Pushes For Spot SOL ETFs

Brazil’s push for a spot SOL ETF comes in the midst of heightened optimism toward the products within the crypto industry, with many other nations pushing for the funds, especially the United States.

Thus far, several popular asset management firms in the US, such as VanEck, have filed an application for spot Solana ETFs in the nation. This move comes a few months after the spot Bitcoin ETFs were approved by the US SEC in January.

Matthew Sigel, the firm’s head of research highlighted that VanEck’s decision is attributed to SOL’s capabilities in the blockchain ecosystem, and being a major competitor to Ethereum, the second largest crypto asset. Should the fund gain approval in the US, SOL will be the third crypto asset offered in an exchange fund, alongside Bitcoin and Ethereum.