We do the research, you get the alpha!
Get exclusive reports and access key insights on airdrops, NFTs and more! Subscribe to Alpha Reports now and improve your game!
Access Alpha reports
With spot exchange funds (ETFs) for Bitcoin firmly established in the United States and Ethereum spot ETFs imminent following initial approval late last month, a new proposal for a Solana ETF in Canada emerged on Thursday.
Canadian investment fund manager 3iQ announcement which it filed to offer the Solana Fund (QSOL), which it said – if approved – “would be the first Solana exchange-traded product to be listed in North America.”
With a market capitalization of $61 billion at the time of writing, Solana (SOL) is the fifth largest cryptocurrency behind Bitcoin (BTC), Ethereum (ETH), dollar-pegged Tether (USDT), and Binance Coin (BNB).
3iQ says the fund will be offered on the Toronto Stock Exchange “in an initial public offering.”
“The Solana Fund provides easy exposure to SOL without technical complexity,” the company wrote. “As part of our investment strategy, the Solana Fund will leverage SOL to earn rewards.”
The company already offers ETFs based on Bitcoin and Ethereum, but its decision to back Solana adds weight to speculation about which cryptocurrencies US regulators will next approve for these funds.
British bank Standard Chartered predicted Solana and XRP would be the next coins to get the go-ahead from the Securities and Exchange Commission (SEC) for ETF processing.
“In several cases, the underlying technology is so similar to ETH that it would be difficult for the SEC to claim they are securities given ETH’s position,” wrote Geoffrey Kendrick, head of cryptographic research at Standard Chartered.
William Quigley, co-founder of Tether and WAX, recently said: Decrypt that fund managers will inevitably move towards the “next hot new thing» with Solana as a likely option.
“Every time Wall Street comes up with a new product to sell to consumers, if that product is successful, you can guarantee there will be imitators,” he said, pointing to the massive investments in Bitcoin spot ETFs. “We will continue to see new ETFs being launched until there is a significant pullback.”
“Canada had Bitcoin and Ethereum spot ETFs before the US even got futures ETFs for either asset,” observed Bloomberg analyst James Seyffart on Twitter . He also emphasized that Solana funds are not new globally.
“You would be amazed to realize that we already have over $1 billion in Solana ETPs elsewhere in the world,” he tweeted, including a list of funds from providers like 21Shares, VanEck and WisdomTree .
In the United States, much attention is focused on the launch of spot Ethereum ETFs, which have been approved unexpectedly by the SEC last month. Bitwise launched a television advertisement touting Ethereum earlier today, analysts predict the funds will go live on July 2.
Edited by Andrew Hayward
Daily debriefing bulletin
Start each day with the biggest news stories of the day, plus original features, a podcast, videos and more.
Fuente
