Canadian funding agency 3iQ Corp has filed a preliminary prospectus to supply The Solana (SOL) Fund (QSOL) in Canada. This proposed exchange-traded product could be the primary Solana ETF listed in North America, increasing the vary of cryptocurrency-based ETFs accessible to traders.
Toronto Stock Exchange to List Solana ETF
3iQ Corp, recognized for its Bitcoin and Ethereum ETFs, has introduced plans to supply a Solana ETF on the Toronto Stock Exchange. The Solana Fund goals to supply traders with simplified Solana publicity without having technical experience. The fund will stake SOL to earn rewards for its funding technique. This transfer aligns with the corporate’s broader technique to diversify its cryptocurrency choices and capitalize on rising developments within the digital asset market.
3iQ Corp. is happy to announce that we’ve submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada in relation to an preliminary public providing.
This continues our observe document of innovation, and if receipt of relevant regulatory approvals is obtained, the… pic.twitter.com/7ghv05f8gU
— 3iQ Digital Asset Management (@3iq_corp) June 20, 2024
The announcement follows the current approval of spot Ethereum ETFs within the U.S., signaling rising regulatory acceptance of cryptocurrency-based funding merchandise. Analysts imagine this might pave the best way for extra various crypto ETFs sooner or later. The submitting additionally highlights 3iQ’s dedication to staying on the forefront of cryptocurrency funding choices, probably attracting extra traders.
SOL ETF Could Follow Ethereum’s Lead
With a market capitalization of $61 billion, Solana is the fifth-largest cryptocurrency, trailing solely Bitcoin, Ethereum, Tether, and Binance Coin. The introduction of a Solana ETF in Canada may improve market liquidity and supply a brand new avenue for institutional and retail traders to realize publicity to the asset.
British financial institution Standard Chartered has predicted that Solana and XRP is likely to be the next cryptocurrencies to obtain ETF approval from the U.S. Securities and Exchange Commission (SEC). This prediction relies on the technological similarities between Solana and Ethereum, which may make it difficult for the SEC to categorise them in another way.
William Quigley, co-founder of Tether and WAX, prompt that Solana could possibly be the following standard cryptocurrency for ETFs following the profitable launch of Bitcoin spot ETFs. He famous that new monetary merchandise typically result in comparable choices surging till the market reaches saturation. This pattern is clear within the substantial investments already directed in direction of Bitcoin spot ETFs and the anticipation surrounding the launch of spot Ethereum ETFs.
U.S. Awaits Launch of Ethereum ETFs
Globally, Solana exchange-traded merchandise (ETPs) are already well-established, with over $1 billion in property underneath administration. Providers comparable to 21Shares, VanEck, and WisdomTree have launched Solana funds in numerous markets. Bloomberg analyst James Seyffart highlighted Canada’s pioneering position in launching spot Bitcoin and Ethereum ETFs forward of the U.S., emphasizing the nation’s progressive stance on cryptocurrency investments.
You guys could be shocked to appreciate we have already got over $1 Billion in Solana ETPs elsewhere on this planet!! pic.twitter.com/y3zSZrHJGo
— James Seyffart (@JSeyff) June 20, 2024
In the U.S., the main target stays on the approaching launch of spot Ethereum ETFs, which have been unexpectedly accepted by the SEC final month. Bitwise, a outstanding asset administration agency, has began selling its Ethereum ETF by means of tv ads, indicating excessive expectations for its efficiency. Analysts predict these funds will go dwell on July 2, probably setting a precedent for future cryptocurrency ETFs.
Also Read: Solana Next in Line After Ethereum ETF Approval: Matrixport Co-founder
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