Brazil took the headlines after becoming the pioneer in Solana ETFs. Out of the two SOL ETFs that were approved, the first (QSOL11) was launched on Wednesday, August 28th, 2024. Priced at $10 each share, it soared to the top of the charts and gained over $2.75 million in its first public listing on B3, Brazil’s top stock exchange.
What led to Solana’s breakthrough?
As per Theodoro Fleury, investment manager and director at QR Asset, Brazilian investors showed interest in SOL because of its immense growth potential.
⚡️ JUST IN: SOLANA SPOT ETF DEBUTS WITH $2.75M RAISED ON BRAZIL’S B3 EXCHANGE
The first #Solana spot ETF launched on Brazil’s B3, raising $2.75 million.
QR Asset’s Theodoro Fleury emphasized Solana’s $SOL growth potential and security for investors. pic.twitter.com/y9Ev5JYNJm
— JAKE (@JakeGagain) August 30, 2024
For this reason, the ETF has crossed the $2 million mark in its first public sale. SOL’s ability to provide a sense of security for mainstream investors has also played a crucial role in the investment.
Also, unlike other ETFs, the SOL ETF offers firms a more accessible and hassle-free investment option, eliminating the need for direct asset management.
Brazil’s Place in the Global Crypto Market
This week, Brazil’s regulatory body, the Comissão de Valores Mobiliários (CVM), approved the second SOL ETF, which will be managed by Hashdex. This second approval was just two weeks after the first SOL ETF was approved, and with the investments made with the QSOL11 ETF, it is clear that Brazil is making constant efforts to make its mark in the crypto world.
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