The Brazilian Securities and Exchange Commission (CVM) has greenlighted a second Solana exchange-traded fund (ETF) weeks after it approved its first one on August 8.

According to the CVM’s central database, the product will be launched by Hashdex, an asset manager based in Brazil, in collaboration with the local investment bank BTG Pactual.

Brazil’s Second Solana ETF

However, the newly approved Solana ETF remains in a pre-operational phase. Hashdex manages over $962 million in assets and has a history of launching innovative products on the B3 Brazilian stock exchange. The company has previously introduced ETFs based on the Nasdaq Crypto Index, as well as Bitcoin and Ethereum.

This development comes just weeks after the CVM confirmed Brazil’s first Solana ETF on August 8, which is offered by QR Asset, another local asset manager.

The timing of the CVM’s decision coincides with ongoing speculation about the Solana ETF situation in the US. Earlier this year, the Securities and Exchange Commission (SEC) approved spot Bitcoin ETFs in January and spot Ether ETFs in June, causing optimism that Solana could be next in line.

Several prominent asset managers, including VanEck and Franklin Templeton, have expressed interest in launching Solana ETFs.

US Solana ETF Approvals

However, recent developments have cast doubt on the likelihood of such approvals in the near term. Filings for Solana ETFs, known as 19b-4 forms, were recently removed from the Chicago Board Options Exchange (Cboe) website and had not been added to the Federal Register, leading to speculation about the future of these products in the country.

On August 20, Bloomberg ETF analyst Eric Balchunas highlighted in an X post that the 19b-4 forms submitted by Cboe were not acknowledged by the SEC. As a result, the Chicago Board Options Exchange withdrew these forms, though the S-1 filings by the issuers remain active.

The S-1 form is a crucial part of the SEC’s approval process, enabling issuers to offer new securities publicly. However, it cannot advance without the 19b-4 filings.

Nate Geraci, president of The ETF Store, views these developments as strong indications that the ETF is unlikely to receive the green light soon under the current legislation.

When asked about the possibility of such an ETF this year, Balchunas responded, “Yes, near-zero chance in 2024 and if Harris wins there’s prob near-zero chance in 2025 too. Only hope IMO is if Trump wins.”

Despite these challenges, VanEck remains committed to its Solana ETF proposal with Matthew Sigel, the company’s head of digital assets research, clarifying that the removal of the filing does not mark the end of its ambitions.