08/28/2024 – 8:00
The first ETF in the Americas linked to the Solana blockchain platform will begin trading on the Brazilian stock exchange this Wednesday, the 28th. Traded under the code QSOL11, the initial value established for the share was R$10.
The Solana blockchain network is used to create decentralized applications and digital assets. It presents itself as a more agile competitor to Ethereum, a platform with similar features and second place on the list of cryptocurrencies with the highest market value compiled by Coin Market Cap, behind only Bitcoin.
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Solana has its own cryptocurrency of the same name, which is used in transactions within the platform. On Tuesday afternoon, the 27th, at around 1 pm, it appeared in 5th place on the list of the largest market values, valued at US$ 71.6 billion.
Pioneering ETF in the world
ETFs (Exchange Traded Funds) are investment funds whose objective is to track an index, that is, to offer the same returns as this index. There are ETFs that “mirror” the Ibovespa, others that replicate international stock exchanges and even those focused on other cryptocurrencies such as bitcoin and ethereum.
The new QSOL11 seeks to replicate the CME CF Solana Dollar Reference Rate, an index developed by the British CF Benchmarks, with support from the Chicago Mercantile Exchange (CME). The indicator calculates a measure of the value of Solana in dollars based on transaction data from the world’s leading regulated cryptocurrency exchanges.
According to information from Bloomberg, there are attempts to create Solana ETFs in the United States, but Brazilian regulators were quicker. Other Solana ETFs are already traded in Europe by the Swiss asset manager 21Shares, the same company that is seeking to launch the asset in the US.
The Brazilian Securities and Exchange Commission (CVM) approved the asset in early August. The agency has also approved a second ETF linked to the same cryptocurrency, which will be made available by the Hashdex asset manager.
The creation of QSOL11 is the responsibility of QR Asset. The ETF will be managed by Vortx. The company responsible for the public offering was QR Asset Management.
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