On Thursday, the first Solana spot exchange-traded fund (ETF) product raised over $2.75 million during its public offering on B3, the Brazilian stock exchange. The product, previously approved for trading by the Brazilian securities regulator (CVM), is offered by QR Asset, which also has a bitcoin-based ETF product. The offering managed to raise only 15% of what QR Asset raised with its bitcoin equivalent. Nonetheless, Theodoro Fleury, investment manager and director at QR Asset, stated that Solana has a place in investors’ portfolios due to its growth potential. He stressed that a Solana ETF “provides greater security for more conservative investors” and is “important for institutional investors, who cannot buy the asset directly.