Solana
Could SOL ETF in Canada lead to US approval?
Digital asset manager 3iQ recently filed to list a Solana exchange-traded product (ETP) on the Toronto Stock Exchange, leading many to wonder whether a SOL ETF in Canada could precede U.S. approval for the investment vehicle. Cryptocurrency has become a top-tier favorite after two crypto-based ETFs received the green light this year.
3iQ announced the submission of a “preliminary prospectus for the Solana Fund (QSOL) in Canada”, in the context of an IPO. Additionally, the company said the decision reiterates its “history of innovation,” with the approval leading to the first SOL ETP in North America.
Read also: Solana (SOL) Weekend Price Prediction: Will It Reclaim $140?
The Solana ETF, a possibility in the United States after Canada’s decision?
Over the past 30 days, Solana has fallen over 27% according to CoinMarketCap. The token has suffered from a general market slowdown as it struggles to maintain the $130 price. Its charts also showed a bearish trend, with the price below the 50-day and 200-day exponential moving averages.
However, this has not diminished the asset’s potential to follow in the footsteps of Ethereum and Bitcoin and become the third crypto-based ETF in the United States. As Solana could see an ETP in Canada, many traders have wondered whether a possible SOL ETF approval would lead to similar authorization in the United States.
Read also: Solana (SOL) Weekly Price Prediction: Can It Reclaim $150?
Erich Balchunas, analyst at Bloomberg I wondered why more companies hadn’t adopted a similar approach. He noted that Trump’s re-election would likely lead to a more pro-crypto government, which could then lead to more tokens for spot products.
The SOL ETP news did not have a major impact on the price of the asset. Over the last 24 hours, it is still down by more than 3%. Nonetheless, the price of the asset could rise if the ETF hype begins to take hold. The approval of Bitcoin’s Spot ETF led the asset to reach an all-time price of $73,000 in March.