The Brazilian Securities and Exchange Commission (CVM) has given the green light to a Solana-based ETF, as revealed in the agency’s central database on Wednesday. This marks a pioneering moment in Brazil’s financial landscape, introducing the country’s first Solana-backed ETF and joining the ranks of a select few globally. The initial Solana-based exchange-traded product (ETP) was launched by 21Shares on the SIX Swiss Exchange in June 2021.

According to CVM’s records, this Solana-focused ETF remains in its pre-operational phase, pending further approval by the Brazilian stock exchange, B3. Local media outlet Exame reported that the ETF will track the CME CF Solana Dollar Reference Rate, developed by CF Benchmarks with backing from the Chicago Mercantile Exchange (CME).

Read more: VanEck and 21Shares Propose Solana ETF in Latest Cboe Filing

QR Asset, a Brazilian asset management firm, will offer this innovative ETF, while Vortx, a fintech company specializing in capital markets, will manage the fund, according to the report.

“This ETF underscores our unwavering commitment to providing Brazilian investors with quality and diversified investment options. We are proud to be at the forefront globally, further cementing Brazil’s leadership in the regulated crypto asset investment sector,” stated Theodoro Fleury, Chief Investment Officer of QR Asset, in an official statement.

Brazil has proven to be a fertile ground for ETFs, particularly in the realm of cryptocurrency. Between 2021 and 2022, B3 listed both a Bitcoin ETF and an Ethereum ETF, and in March 2024, it introduced BlackRock’s iShares Bitcoin Trust ETF (IBIT).

In a related development, in July, Cboe formally requested approval from the U.S. Securities and Exchange Commission (SEC) for asset managers VanEck and 21Shares to launch a Solana-based ETF. However, the request remains under consideration, with no approval granted as of yet.