Canadian funding agency 3iQ Corp has filed a preliminary prospectus to supply The Solana (SOL) Fund (QSOL) in Canada. This proposed exchange-traded product can be the primary Solana ETF listed in North America, increasing the vary of cryptocurrency-based ETFs out there to traders.
Toronto Inventory Alternate to Record Solana ETF
3iQ Corp, identified 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 with no need 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 monitor file of innovation, and if receipt of relevant regulatory approvals is obtained, the… pic.twitter.com/7ghv05f8gU
— 3iQ Digital Asset Administration (@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 consider this might pave the way in which for extra numerous crypto ETFs sooner or later. The submitting additionally highlights 3iQ’s dedication to staying on the forefront of cryptocurrency funding choices, doubtlessly attracting extra traders.
SOL ETF Might Comply with 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 might improve market liquidity and supply a brand new avenue for institutional and retail traders to realize publicity to the asset.
British financial institution Normal Chartered has predicted that Solana and XRP could be the next cryptocurrencies to obtain ETF approval from the U.S. Securities and Alternate Fee (SEC). This prediction relies on the technological similarities between Solana and Ethereum, which might make it difficult for the SEC to categorise them in a different way.
William Quigley, co-founder of Tether and WAX, recommended that Solana could possibly be the following well-liked cryptocurrency for ETFs following the profitable launch of Bitcoin spot ETFs. He famous that new monetary merchandise typically result in related choices surging till the market reaches saturation. This development is clear within the substantial investments already directed in the 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 belongings beneath administration. Suppliers equivalent to 21Shares, VanEck, and WisdomTree have launched Solana funds in numerous markets. Bloomberg analyst James Seyffart highlighted Canada’s pioneering function in launching spot Bitcoin and Ethereum ETFs forward of the U.S., emphasizing the nation’s progressive stance on cryptocurrency investments.
You guys can be shocked to comprehend we have already got over $1 Billion in Solana ETPs elsewhere on this planet!! pic.twitter.com/y3zSZrHJGo
— James Seyffart (@JSeyff) June 20, 2024
Within the U.S., the main target stays on the approaching launch of spot Ethereum ETFs, which have been unexpectedly permitted by the SEC final month. Bitwise, a outstanding asset administration agency, has began selling its Ethereum ETF via tv ads, indicating excessive expectations for its efficiency. Analysts predict these funds will go dwell on July 2, doubtlessly setting a precedent for future cryptocurrency ETFs.
Additionally Learn: Solana Next in Line After Ethereum ETF Approval: Matrixport Co-founder
The offered content material could embrace the private opinion of the writer and is topic to market situation. Do your market analysis earlier than investing in cryptocurrencies. The writer or the publication doesn’t maintain any duty to your private monetary loss.
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