Solana ETFs: U.S. hesitates, Brazil leads the way

Brazil's stock market watchdog (CVM) has approved the second Solana ETF, according to the database of the "Brazilian SEC". Just two weeks ago, the world's first-ever SOL index fund was approved in Brazil.

The issuer of the second Solana ETF is Hashdex, an asset manager based in Brazil, which plans to offer this new crypto-financial product in partnership with local investment bank BTG Pactual. Hashdex is known as an experienced player in the ETF segment in the Brazilian stock market and has already launched products such as the Nasdaq Crypto Index and several Bitcoin and Ethereum ETFs, including a dual crypto ETF.

Meanwhile, Solana (SOL) stands at 143.62 U.S. dollars, which is 2.62 percent lower than the previous day. Over the past seven days, the SOL price has fallen slightly by 1.04 percent.

In the US, things are not going as well for SOL index funds: the Chicago Board Options Exchange (CBOE) BZX recently withdrew required 19b-4 applications for a Solana ETF on the advice of the US Securities and Exchange Commission (SEC). Bloomberg ETF expert Eric Balchunas was therefore pessimistic about the prospects for Solana index funds. The chances of approval remain minimal without significant changes in SEC leadership.

VanEck principal researcher Matthew Sigel reacted disappointed after the approval of the first Solana ETF in Brazil: "As an American, I am embarrassed that Brazil is beating us in the market."