The second Solana ETF in Brazil is being offered by Hashdex in partnership with the local investment bank BTG Pactual.

In August, the Brazilian Securities Commission (CVM) officially recognized and gave approval for this new Solana ETF, which will be managed by Hashdex and BTG Pactual, a prominent local investment bank.

Hashdex is a leading player in the ETF market, focusing on Bitcoin and Ethereum. The firm currently manages assets worth up to $962 million. In 2021, Hashdex introduced the Nasdaq Crypto Index (NCI), which became the first cryptocurrency index ETF globally.

According to the CVM, the new Solana ETF is still in its pre-operational stage, meaning it is not yet available for public trading. This phase involves raising initial investments, finalizing agreements with key service providers such as fund management and asset custody, and preparing the necessary assets for the fund.

Earlier, on August 8th, CVM approved Brazil's first Solana ETF, offered by QR Asset, with Fintech Vortx serving as the custodian. However, this fund is also not yet available for trading, as it awaits approval from the B3 stock exchange, a process expected to take approximately 90 days.

In contrast, the journey for Solana ETFs in the United States is facing substantial challenges. Recently, the U.S. Securities and Exchange Commission (SEC) forced major Wall Street firms to withdraw their Solana spot ETF applications due to the SEC's ongoing classification of SOL as a security, as stated in lawsuits against Binance and Coinbase in June 2023.

Following Bitcoin and Ethereum, Solana has attracted attention from both major institutions and retail investors who are eager for an ETF. However, beyond regulatory hurdles, Solana still lacks an ETF futures product, which is a necessary step before achieving a spot ETF, as was the case with BTC and ETH.

In addition to the U.S. and Brazil, Canada is also accelerating its efforts to launch the first Solana ETF in North America.

SOL's price has dropped nearly 3% in the past 24 hours and is currently trading at $142 per coin. Over the past month, the coin has declined by more than 18%.