As a seasoned crypto investor with a decade of experience under my belt, I find the recent news about Solana-focused ETFs quite intriguing. The approval of Hashdex’s Nasdaq Solana Index Fund by Brazil’s Securities and Exchange Commission is a significant step forward for the Solana ecosystem. Given Hashdex’s track record in the crypto ETF space, I have high expectations for this fund.
Based on a report by Crypto Briefing, Hashdex, a cryptoasset manager, plans to launch a new exchange-traded fund (ETF) centered around Solana (SOL). Known as the “Hashdex Nasdaq Solana Index Fund,” this ETF has already received approval from Brazil’s Securities and Exchange Commission (CVM). At present, the fund is in its preparatory stage, with the finalization of its setup still ongoing before it can be accessible to investors.
In partnership with BTG Pactual, a prominent Brazilian investment bank, Hashdex will oversee the management of the ETF. Established in 2018, Hashdex has been a major player in the cryptocurrency ETF sector, managing assets valued at more than $962 million. The company garnered considerable attention last year with the launch of the Nasdaq Crypto Index (NCI), the world’s inaugural crypto index ETF. Additionally, Hashdex has been instrumental in shaping Brazil’s crypto market by introducing the country’s first ETF based on a crypto index.
The debut of an ETF centered around Solana takes place after QR Asset’s approval of Brazil’s initial Solana ETF on August 8. (or) On August 8, the approval for Brazil’s first Solana-focused ETF by QR Asset paved the way for the launch of a similar ETF dedicated to Solana.
Today, The Block announced that the U.S. Securities and Exchange Commission (SEC) declined two Solana ETF proposals by Cboe BZX. This decision arises from ongoing doubts about whether Solana (SOL) should be considered a security, a viewpoint the SEC has held in multiple court hearings. As a result of these rejections, the filings were withdrawn prior to moving forward in the regulatory process. However, entities such as 21Shares and VanEck remain persistent in their pursuit for approval, with their applications still pending on the SEC’s EDGAR filing system.
In the U.S., the refusal by the SEC to approve Solana-related ETF filings presents a hurdle for these financial products. However, there’s a chance that the applicants may revise or resubmit their applications in an attempt to address the SEC’s concerns and potentially secure approval in the future.
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2024-08-21 00:33