Second Solana ETF Launches In Brazil, US Still Left Behind

JAKARTA - Brazil is again showing financial innovation by announcing the approval of Solana's second ETF (Exchange-Trad) in the country. The Brazilian Securities and Exchange Commission (CVM) has just given the green light for the launch of the ETF, just weeks after the first Solana ETF was approved on August 8.

This new product will be launched by Hashdex, a Brazilian-based asset manager, in collaboration with local investment bank BTG Pactual. Hashdex, which already manages more than 962 million US Dollars (approximately IDR 15 trillion) in asset form, is known for its innovation on the Brazilian (B3) stock exchange, including the launch of the Nasdaq Crypto Index-based ETF, as well as Bitcoin and Ethereum.

However, Solana's new ETF is still in the pre-operational phase, awaiting further steps before it can be traded publicly. However, the CVM decision affirms Brazil's commitment to developing crypto-based financial products.

While Brazil is moving forward, the situation in the United States seems more complicated. Although some prominent asset managers, such as VanEck and Franklin Templeton, have expressed interest in launching the Solana ETF, approval from the US Securities and Exchange Commission (SEC) seems far from reality.

Earlier this year, the SEC approved spot ETFs for Bitcoin in January and Ether in June, raising hopes that Solana could be next. However, recent developments suggest that the odds are getting smaller. Form 19b-4, which is important for ETF approval, has recently been removed from the Chicago Board Options Exchange (Cboe) website and has not yet been added to the Federal Register, sparked speculation about the future of these products in the US.

Reporting from Crypto Potato, Eric Balchunas, an ETF analyst from Bloomberg, revealed that the 19b-4 form submitted by Cboe was not recognized by the SEC, which then forced Cboe to withdraw the proposal. However, the ETF issuer's S-1 submission remains active, signaling that efforts to obtain approval have not been completely discontinued.

Amid this uncertainty, VanEck remains committed to their Solana ETF proposal. Matthew Sigel, head of digital asset research at VanEck, explained that the withdrawal of submissions meant no end to their ambitions. However, with current developments, hopes of seeing Solana's ETF approved in the US in the near future are fading.