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Olá pessoal!
For today’s episode I had the opportunity to chat with Theodoro Fleury, Chief Investment Officer at QR Asset, to discuss their groundbreaking Solana spot ETF—the world's first of its kind.
The Solana product launched on August 29, 2024, and raised R$15 million (US$3 million) on Day 1. The fund’s SOL holdings have grown 25% since launch day.
Our conversation offers insights into Brazil’s capital markets, the evolving landscape of crypto investment vehicles, and Brazil's role as a leader when it comes to creating a favorable environment for these types of products.
Key Takeaways:
QR Asset launched the first bitcoin ETF outside of Canada in 2021 on Brazil’s B3 Exchange, followed by Ethereum and DeFi ETFs
Crypto ETFs have become among the most traded on Brazil's B3 exchange
Brazil's CVM (Securities and Exchange Commission) has long shown a progressive stance towards crypto products and approved the Solana ETF in early August 2024.
Brazil's move to approve a Solana ETF likely foreshadows similar developments in other markets such as the US.
From launching their first crypto funds in early 2020 to becoming a major player in Brazil's ETF market, QR Asset has been one of the earliest movers globally operating these types of crypto products.
The introduction of the Solana ETF marks a significant milestone. Fleury explains the rationale behind choosing Solana, citing its strong developer community, growing TVL, and position as the largest non-stablecoin asset after bitcoin and ethereum.
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Perhaps most intriguing is the potential global impact of this development. As Fleury notes:
"If, as it was in the past, it is a sign of what could happen in the U.S. or in more developed markets, I think it's a good sign because people here are really trying to make it look serious."
For professional investors and stakeholders, this episode underscores the importance of keeping an eye on emerging markets like Brazil. The country's regulatory environment and market dynamics are creating opportunities that may not yet exist in more established financial centers.
You can connect with Theodoro on Linkedin
Have a great weekend everyone!
-AWS
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