Solana (SOL) Gets Chance to Prove Its Appeal to Institutions as Brazil Approves First Spot ETF

When Ethereum spot ETFs were finally approved in the US, many analysts believed Solana ETFs would be next. However, in addition to regulatory hurdles, Solana

After Brazil’s Securities and Exchange Commission (CVM) approved the first Solana spot ETF, the cryptocurrency now has a major opportunity to demonstrate its appeal to US institutions and regulators.

This ETF, managed by QR and Vortx, offers a regulated and accessible way for investors to gain exposure to SOL. It is a significant development as it provides Solana with an avenue to tangibly showcase institutional interest in crypto.

This development comes amid rising institutional interest in Solana. A CoinShares survey, published on August 5th, indicated that nearly 15% of surveyed wealth managers and hedge funds now hold SOL. This marks a substantial increase from earlier this year when none of the respondents had invested in the altcoin.

Earlier, Solana ETFs gained a major endorsement when VanEck and 21Shares filed for their own ETFs tracking SOL. However, VanEck’s Matthew Sigel later acknowledged that there are significant regulatory challenges.

The Solana ETF still awaits final approval from the local stock exchange, B3. Once fully operational, it will be the true test of SOL’s institutional appeal.

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