Brazilian Regulator Approves Second SOL ETF, Boosting Solana Adoption in Latin America

Brazil Comissão de Valores Mobiliários (CVM) has approved its second Solana ETF, reinforcing the country leadership in Solana adoption within Latin America. The fund, offered by Hashdex in partnership with BTG Pactual, strengthens the region’s growing crypto ecosystem.

In a significant move that underscores Latin America growing influence in the cryptocurrency market, Brazil Comissão de Valores Mobiliários (CVM) has approved a second Solana (SOL) Exchange Traded Fund (ETF). This approval, granted on August 20, follows the earlier endorsement of the world’s first Solana ETF by Brazilian regulators earlier this month, solidifying Brazil’s position as a key player in the institutional adoption of Solana.

The newly approved ETF is offered by the Brazilian arm of Hashdex, a leading crypto investment provider in Latin America, in collaboration with the local investment bank BTG Pactual. Hashdex, known for launching Brazil’s first crypto index ETF (HASH11), currently manages $820 million in assets and serves over 245,000 investors globally. The new SOL fund, currently in a pre-operational stage, is expected to launch soon, joining the first SOL ETF (QSOL11) on Brazil’s B3 stock exchange, which is set to begin trading on August 28th.

This approval marks a milestone for Solana’s growth in the region, reflecting the broader trend of increasing cryptocurrency adoption in Latin America, driven by economic and political factors in countries like Venezuela and Argentina. Despite regulatory challenges, including Venezuela’s ban on crypto mining earlier this year, community-driven initiatives such as Solana Allstars are thriving, with over 12,600 people attending onboarding events in 2024 alone.

The enthusiasm for Solana in Latin America contrasts sharply with the situation in the U.S., where the Securities and Exchange Commission (SEC) recently rejected 19b-4 Solana ETF filings. Citing uncertainties regarding Solana’s classification as a security and the lack of CME-approved futures markets, the SEC’s decision has led experts like Bloomberg’s Eric Balchunas to give the prospect of a U.S.-based SOL ETF “a snowball’s chance in hell.” Nonetheless, the Brazilian CVM’s approval signals strong demand for cryptocurrency-based investment products in the global market, with Brazil leading the charge.

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