Canadian fund manager files for Solana spot ETF 

3iQ Digital Asset Management applied the first-ever Solana spot ETF product.

Solana (SOL) is a popular Proof-of-stake (PoS) crypto network that can process up to 70,000 transactions per second (TPS), thanks to its special protocol Proof-of-history (PoH). 

On 20 June 2024, 3iQ3iQ Digital Asset Management, a Canadian digital asset investment fund manager,  announced that it had submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada in connection with an initial public offering. 

The company noted that this move continued its track record of innovation. If the necessary regulatory approvals are received, the Fund would become the first Solana exchange-traded product to be listed in North America.

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3iQ Corp. is pleased to announce that we have submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada in relation to an initial public offering.

This continues our track record of innovation, and if receipt of applicable regulatory approvals is obtained, the… pic.twitter.com/7ghv05f8gU

— 3iQ Digital Asset Management (@3iq_corp) June 20, 2024

Bloomberg ETF expert James Seyffart said that Canada has been ahead of the crypto adoption curve, having introduced spot Bitcoin and spot Ethereum ETFs before the US even launched futures ETFs for these assets.

UPDATE: 3iQ just filed to launch the first Solana ETF in Canada (and thus North America). Looking to launch under the ticker $QSOL. Canada had spot Bitcoin and spot Ethereum ETFs before the US even got futures ETFs for either asset. h/t @alextapscott https://t.co/Ra6vDdepil pic.twitter.com/LRO4NJWhAr

— James Seyffart (@JSeyff) June 20, 2024

Seyffart also shared his opinion on this application from a negative perspective and said that there is no guarantee the fund manager will succeed in getting regulatory approval for this application.

You guys would be stunned to realize we already have over $1 Billion in Solana ETPs elsewhere in the world!! pic.twitter.com/y3zSZrHJGo

— James Seyffart (@JSeyff) June 20, 2024

Solana (Sol) price action 

The current trade price of Sol coin is $132.5 & this price is 2% down over the last 24 hours.

Although the trade price of this cryptocurrency is 700% high Year-to-date (YTD) but under the current scenario people are expecting more rallies. 

The latest trade price graph shows that Solana’s price is expected to experience moderate volatility with a general downward trend and the price is forecasted to range between approximately $112 and $165, with an average trading price of around $132.

Read also: MicroStrategy Increases Bitcoin Holdings to 226,331 BTC with New $786M Acquisition

Canadian fund manager files for Solana spot ETF 

 

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