Solana
Solana ETF Launches in Canada: Can It Drive SOL Price From 50-Day Low?
The QSOL filing is a preliminary prospectus submitted to the securities authorities of all Canadian provinces and territories, except Quebec. Upon approval, QSOL will provide exposure to the SOL cryptocurrency and its daily price movements in US dollars.
Coinbase Custody and Tetra Trust will serve as custodians, with Coinbase Custody providing proprietary institutional staking infrastructure for the Solana fund. This arrangement ensures increased security and reliability for investors entering the crypto space through a regulated investment vehicle.
Canada: Leader in Crypto Innovation
Canada has been at the forefront of approving crypto ETFs, having launched the world’s first Bitcoin and Ethereum spot ETFs in February and April 2021.
The potential approval of QSOL could lead to the introduction of financial products based on lesser-known cryptocurrencies, thereby promoting diversity and inclusion in the traditional financial market. It could also prompt other countries, including the United States, to consider similar approvals, boosting the cryptocurrency’s global legitimacy and acceptance.
3iQ’s plan to launch the first Solana ETFs in Canada represent a significant milestone, potentially transforming the crypto investment landscape and paving the way for new financial innovations.
How will the Solana ETF impact SOL price action?
Despite the headline news surrounding the launch of the Solana ETF in Canada, SOL price remained stuck in its month-long downward trajectory. Since the Canadian crypto market is a relatively smaller area compared to that of the United States and Europe, investors do not expect the launch of the Solana ETF to trigger a significant price rally this week.