Hashdex to Launch Brazil's Second Solana ETF

A known player in the crypto asset management space, Hashdex will launch an exchange-traded fund (ETF) that provides investors with exposure to Solana (SOL)

Brazil's Securities and Exchange Commission (CVM) has approved an exchange-traded fund (ETF) that provides investors with exposure to Solana (SOL), according to the regulator's database.

The ETF, dubbed the "Hashdex Nasdaq Solana Index Fund," is still in its pre-operational phase, as indicated by the CVM database. This stage involves completing the fund's setup before it becomes fully operational and accessible to investors.

The ETF will be managed by Hashdex in collaboration with BTG Pactual, a leading local investment bank.

Established in 2018, Hashdex is actively engaged in the crypto ETF market, with assets exceeding $962 million. Notably, Hashdex launched the world's first crypto index ETF, the Nasdaq Crypto Index (NCI), in 2021. The firm also boasts the creation of Brazil's first ETF pegged to a crypto index.

Expanding beyond products linked to the Nasdaq Crypto Index, Hashdex has extended its offerings to encompass crypto assets such as Bitcoin and Ethereum. Recently, the firm filed for a pioneering dual Bitcoin and Ethereum ETF with the US Securities and Exchange Commission (SEC).

This approval follows the acceptance of the country's first Solana ETF by QR Asset on August 8. While Brazil showcases increasing interest in diversified crypto investments, the US seems to be lagging behind despite recent advances with spot Bitcoin and Ethereum ETFs.