The Brazilian Securities and Change Fee (CVM) has greenlighted a second Solana exchange-traded fund (ETF) weeks after it authorized its first one on August 8.

Based on the CVM’s central database, the product will probably be launched by Hashdex, an asset supervisor primarily based in Brazil, in collaboration with the native funding financial institution BTG Pactual.

Brazil’s Second Solana ETF

Nonetheless, the newly approved Solana ETF stays in a pre-operational section. Hashdex manages over $962 million in property and has a historical past of launching revolutionary merchandise on the B3 Brazilian inventory trade. The corporate has beforehand launched ETFs primarily based on the Nasdaq Crypto Index, in addition to Bitcoin and Ethereum.

This improvement comes simply weeks after the CVM confirmed Brazil’s first Solana ETF on August 8, which is obtainable by QR Asset, one other native asset supervisor.

The timing of the CVM’s choice coincides with ongoing hypothesis concerning the Solana ETF scenario within the US. Earlier this 12 months, the Securities and Change Fee (SEC) authorized spot Bitcoin ETFs in January and spot Ether ETFs in June, inflicting optimism that Solana could possibly be subsequent in line.

A number of outstanding asset managers, together with VanEck and Franklin Templeton, have expressed curiosity in launching Solana ETFs.

US Solana ETF Approvals

Nonetheless, current developments have solid doubt on the chance of such approvals within the close to time period. Filings for Solana ETFs, generally known as 19b-4 kinds, had been just lately faraway from the Chicago Board Choices Change (Cboe) web site and had not been added to the Federal Register, resulting in speculation about the way forward for these merchandise within the nation.

On August 20, Bloomberg ETF analyst Eric Balchunas highlighted in an X publish that the 19b-4 kinds submitted by Cboe weren’t acknowledged by the SEC. In consequence, the Chicago Board Choices Change withdrew these kinds, although the S-1 filings by the issuers stay lively.

The S-1 type is a vital a part of the SEC’s approval course of, enabling issuers to supply new securities publicly. Nonetheless, it can’t advance with out the 19b-4 filings.

Nate Geraci, president of The ETF Retailer, views these developments as sturdy indications that the ETF is unlikely to obtain the inexperienced mild quickly underneath the present laws.

When requested about the opportunity of such an ETF this 12 months, Balchunas responded“Sure, near-zero likelihood in 2024 and if Harris wins there’s prob near-zero likelihood in 2025 too. Solely hope IMO is that if Trump wins.”

Regardless of these challenges, VanEck stays dedicated to its Solana ETF proposal with Matthew Sigel, the corporate’s head of digital property analysis, clarifying that the elimination of the submitting doesn’t mark the tip of its ambitions.