Solana Makes History with Groundbreaking Spot ETF Approval

The Brazilian Securities and Exchange Commission (CVM) has greenlit the introduction of the first Solana spot ETF, marking a global first.

This Solana ETF will use the CME CF Solana Dollar Reference Rate to determine its price.

This rate, created through a collaboration between the Chicago Mercantile Exchange (CME) and Crypto Facilities (CF), offers a reliable measure of Solana’s value in US dollars based on data from major cryptocurrency exchanges.

The ETF is currently in its pre-launch phase, which involves gathering initial investments, finalizing contracts with key service providers like fund administrators and custodians, and acquiring the necessary assets for the fund.

While the exact launch date is not set, the ETF is expected to debut within the next 90 days.