The product now has to be approved by the local stock exchange, B3.

The Brazilian Securities and Exchange Commission (CVM) has approved a Solana-based exchange-traded fund (ETF), the agency disclosed in its central database on Wednesday.

It is the first product of its kind in Brazil and among the first Solana-based exchange-traded products (ETPs) globally. The first was launched by Switzerland-based investment product provider 21Shares on the SIX Swiss Exchange in June 2021.

According to CVM’s database, the Solana-based ETF is in a pre-operational stage, so it has yet to be approved by the Brazilian stock exchange, B3. Exame, a local news organization, added that the product would follow the CME CF Solana Dollar Reference Rate, created by CF Benchmarks with the support of the Chicago Mercantile Exchange (CME).

Brazilian asset manager QR Asset will offer the ETF, while Vortx, a local fintech focused on capital markets, will serve as its manager, the report stated.

“This ETF reaffirms our commitment to offering quality and diversification to Brazilian investors. We are proud to be global pioneers in this segment, consolidating Brazil's position as a leading market for regulated investments in crypto assets,” said Theodoro Fleury, manager and chief investment officer of QR Asset, in a statement, the report added.

For its part, the largest South American country has also been fertile ground for ETFs. B3 listed a Bitcoin ETF and an Ethereum ETF between 2021 and 2022, while it started offering BlackRock's iShares Bitcoin Trust ETF (IBIT) in March 2024.

In July, Cboe officially asked the SEC to let asset managers VanEck and 21Shares introduce a Solana-based ETF to the market, but the request has not been granted so far.