Canada-based asset supervisor 3iQ has filed a preliminary prospectus for a Solana (SOL) ETP (exchange-traded product) on the Toronto Inventory Change (TSX). The funding automobile is named The Solana Fund, beneath the ticker identify QSOL.
The fund goals to offer traders 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 help SOL staking as nicely.
3iQ has a very good monitor document of providing crypto-based funding automobiles in Canada. The agency launched the nation’s first Bitcoin (BTC) and Ethereum (ETH) funds.
In keeping with Greg Benhaim, Government Vice President of Product and Head of Buying and selling at 3iQ, “3iQ seeks to set a worldwide commonplace 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 worth dip over the previous couple of days. The asset’s worth has regularly 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 Change Fee accepted 11 Bitcoin ETFs earlier this yr which led to BTC hitting a brand new all-time excessive. We might witness an analogous sample with SOL.
An SOL ETP alone may not be sufficient to push the asset’s worth. The general crypto market sentiment appears low. Buyers are cautious and BTC miners have been capitulating after the worth of mining one BTC surpassed $86,000 earlier this week. BTC has to alter its pattern for the bigger market to select up steam.