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Hashdex, a well-known player in the crypto asset management sector, is set to launch an exchange-traded fund (ETF) that will offer investors exposure to Solana (SOL), according to the database of Brazil’s Securities and Exchange Commission (CVM), which approved the product.

The ETF, called the “Hashdex Nasdaq Solana Index Fund,” is still in the pre-operational phase, according to the CVM database. That means the fund is finalizing its setup before it is fully operational and open to investors.

The ETF is managed by Hashdex in partnership with BTG Pactual, a major local investment bank.

Hashdex, with assets of over $962 million, has been active in the crypto ETF market since its inception in 2018. In 2021, Hashdex launched the world’s first crypto index ETF, the Nasdaq Crypto Index (NCI). The company is also behind Brazil’s first crypto index ETF.

In addition to products tied to the Nasdaq Crypto Index, Hashdex has expanded its offering to include crypto assets such as Bitcoin and Ethereum. The company recently filed for a groundbreaking dual Bitcoin and Ethereum ETF with the U.S. Securities and Exchange Commission (SEC).

The approval follows QR Asset’s acceptance of the country’s first Solana ETF on August 8. While Brazil has shown growing interest in diversified crypto investments, the U.S. has been more cautious, despite recent progress with spot Bitcoin and Ethereum ETFs.

In June, VanEck and 21Shares filed for Solana ETFs in the U.S., seeking a listing on the Cboe BZX Exchange, despite Solana’s classification as a security by the SEC.

However, sources familiar with the situation recently told The Block that the SEC had rejected Cboe’s 19b-4 filings for VanEck and 21Shares’ Solana ETFs. That was likely the reason behind Cboe’s removal of those filings.

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