Another Solana ETF is coming to the public markets in Brazil.

‍What’s happening:‍

• The Brazilian Securities and Exchange Commission has approved the second ever Solana ETF to be publicly listed on the B3 stock exchange in Brazil
  
• The new Solana ETF is being launched by Brazilian asset management company Hashdex
  

Why it matters:‍

• The overwhelming enthusiasm for spot Bitcoin ETFs on major stock exchanges in the United States has led to a paradigm shift in traditional markets beginning to adopt digital assets and large American asset managers such as State Street to begin expanding their plans for crypto focused ETFs
  
• The Solana ecosystem as a whole has also been undergoing an explosion in new activity, including a notable recent partnership with PayPal (NASDAQ: PYPL) to bring their stablecoin onto the Solana blockchain
  

Going deeper:‍

• Canadian asset management company 3iq recently applied to list a Solana ETF on the Toronto Stock Exchange, which if approved would represent the first spot Solana ETF in Canada
  
• DeFi Technologies (CBOE: DEFI) operates a Solana focused Exchange Traded Product listed on the Nordic Growth Market, which has seen a significant jump in capital inflows and boosted their revenue to record highs
  

The fine print:‍

• The United States Securities and Exchange Commission recently denied applications to list spot Solana ETFs on major stock exchanges in the United States, despite recently approving spot Ethereum ETFs to list and large asset management giants such as VanEck filing applications to launch their own Solana ETFs

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