Cryptoasset manager Hashdex is, according to a report by Crypto Briefing, preparing to introduce a new exchange-traded fund (ETF) focused on Solana (SOL). The “Hashdex Nasdaq Solana Index Fund” has already secured approval from Brazil’s Securities and Exchange Commission (CVM). This ETF is currently in its pre-operational phase, meaning the fund is finalizing its setup before it becomes available to investors.
Hashdex will manage the ETF in partnership with BTG Pactual, a leading investment bank in Brazil. Hashdex has been a prominent force in the crypto ETF space since its establishment in 2018, managing assets worth over $962 million. The firm gained significant attention in 2021 when it launched the Nasdaq Crypto Index (NCI), the world’s first crypto index ETF. Hashdex has also played a pioneering role in Brazil’s crypto market by introducing the country’s first ETF based on a crypto index.
The launch of the Solana-focused ETF follows the approval of Brazil’s QR Asset Management’s Solana ETF on August 8.
Earlier today, The Block reported that the U.S. SEC had rejected filings for two prospective spot Solana ETFs by Cboe BZX. These rejections stem from ongoing concerns about whether SOL should be classified as a security, a stance the SEC has maintained in various court cases. The rejections resulted in the filings being withdrawn before they could advance through the regulatory process. Despite these setbacks, issuers like 21Shares and VanEck continue to push for approval, with their applications still active on the SEC’s filing system, EDGAR.
The SEC’s rejection of the 19b-4 filings challenges Solana ETFs in the U.S., but issuers may refile or amend their applications. Bloomberg analyst Eric Balchunas predicts zero chance of approval in 2024 and nearly zero in 2025 if Kamala Harris wins in November.
Featured Image via YouTube
