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With spot exchange-trade funds (ETFs) for Bitcoin solidly established within the U.S. and spot Ethereum ETFs imminent following preliminary approval late final month, a brand new proposal for a Solana ETF in Canada emerged on Thursday.
Canadian funding fund supervisor 3iQ introduced that it has filed to supply The Solana Fund (QSOL), which it stated—if permitted—“could be the primary Solana exchange-traded product to be listed in North America.”
With a market cap of $61 billion as of this writing, Solana (SOL) is the fifth-largest cryptocurrency behind Bitcoin (BTC), Ethereum (ETH), the dollar-pegged Tether (USDT), and Binance Coin (BNB)
3iQ says the fund will probably be supplied on the Toronto Inventory Trade “in relation to an preliminary public providing.”
“The Solana Fund provides simple publicity to SOL with out technical complexity,” the corporate wrote. “As a part of our funding technique, the Solana Fund will stake SOL to earn rewards.”
The corporate already provides ETFs primarily based on Bitcoin and Ethereum, however its transfer to assist Solana provides weight to hypothesis over which cryptocurrencies U.S. regulators will approve subsequent for such funds.
British financial institution Customary Chartered has predicted Solana and XRP could be the following cash to get a inexperienced gentle for the ETF remedy from the Securities and Trade Fee (SEC).
“In a number of circumstances the core know-how is so just like ETH it could be tough for the SEC to say they have been securities given the ETH place,” wrote Geoffrey Kendrick, Customary Chartered’s head of crypto analysis.
Tether and WAX co-founder William Quigley agreed, not too long ago telling Decrypt that fund managers will inevitably transfer to the “subsequent scorching new factor” with Solana as a possible choice.
“Each time Wall Road packages a brand new product to promote to shoppers, if that product is profitable, you may assure there will probably be copycats,” he stated, pointing to the huge investments flowing into Bitcoin spot ETFs. ”We are going to proceed to see new ETFs launching till there is a huge pullback.”
“Canada had spot Bitcoin and spot Ethereum ETFs earlier than the U.S. even obtained futures ETFs for both asset,” noticed Bloomberg analyst James Seyffart on Twitter. He additionally identified that Solana funds are nothing new globally.
“You guys could be shocked to appreciate we have already got over $1 billion in Solana ETPs elsewhere on the earth,” he tweeted, together with a listing of funds from suppliers like 21Shares, VanEck, and WisdomTree.
Within the U.S., consideration is basically centered on the launch of spot Ethereum ETFs, which have been unexpectedly permitted by the SEC final month. Bitwise debuted a tv advert touting Ethereum earlier in the present day, with analysts predicting the funds will go reside on July 2.
Edited by Andrew Hayward
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