Hashdex to launch Solana ETF in Brazil

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Hashdex, a well-known player in the crypto asset management space, will launch an exchange-traded fund (ETF) that gives investors exposure to Solana (SOL), according to the Securities and Exchange Commission (CVM) database ) from Brazil, who approved the product.

The ETF, called the Hashdex Nasdaq Solana Index Fund, is still in its pre-operational phase, the CVM database shows. This means that the fund is in the process of finalizing its configuration before it is fully operational and open to investors.

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

Hashdex, with over $962 million in assets, has been active in the crypto ETF market since its inception in 2018. In 2021, Hashdex launched the world’s first crypto index ETF, the Nasdaq Crypto Index (NCI). The firm is also behind Brazil’s first ETF based on a crypto index.

In addition to products linked to the Nasdaq Crypto Index, Hashdex has expanded its offerings to include crypto assets such as Bitcoin and Ethereum. The firm recently filed a pioneering application for a dual Bitcoin and Ethereum ETF with the US Securities and Exchange Commission (SEC).

The approval follows the acceptance of the country’s first Solana ETF by QR Asset on 8 August. While Brazil is showing increasing interest in diversified crypto investments, the US is more hesitant, despite recent progress with Bitcoin and Ethereum spot ETFs.

In June, VanEck and 21Shares filed for Solana spot ETFs in the U.S. with a view to listing on the Cboe BZX Exchange, despite the SEC’s classification of Solana as a security.

However, sources familiar with the situation recently told The Block that the SEC rejected Cboe’s 19b-4 filings for VanEck and 21Shares’ Solana ETFs. This was probably the reason behind the removal of these files from Cboe.

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