Canada-based asset supervisor 3iQ has filed a preliminary prospectus for a Solana (SOL) ETP (exchange-traded product) on the Toronto Inventory Alternate (TSX). The funding automobile is named The Solana Fund, below the ticker identify QSOL.
The fund goals to offer buyers with publicity to SOL. The Coinbase Custody Belief Firm, LLC will act as custodian for the fund. In keeping with the official launch, 3iQ will make the most of Coinbase Custody’s institutional staking infrastructure to assist SOL staking as nicely.
3iQ has a very good monitor file of providing crypto-based funding autos in Canada. The agency launched the nation’s first Bitcoin (BTC) and Ethereum (ETH) funds.
In keeping with Greg Benhaim, Govt Vice President of Product and Head of Buying and selling at 3iQ, “3iQ seeks to set a world normal of excellence and we’re proud to work carefully with the OSC to responsibly improve the digital asset funding panorama in Canada.“
Will Solana rally if an ETP is launched?
SOL has confronted a big value dip over the previous few days. The asset’s value has steadily dipped since April, when it was buying and selling for over $200.
A Solana ETP may result in a surge in new funds for the asset. The US Securities and Alternate Fee accredited 11 Bitcoin ETFs earlier this yr which led to BTC hitting a brand new all-time excessive. We could witness an analogous sample with SOL.
An SOL ETP alone may not be sufficient to push the asset’s value. The general crypto market sentiment appears low. Traders are cautious and BTC miners have been capitulating after the worth of mining one BTC surpassed $86,000 earlier this week. BTC has to vary its development for the bigger market to choose up steam.
