- The cryptocurrency market has recently been on a downward trajectory, yet significant developments continue to emerge.
- Notably, Canada’s crypto asset management firm, 3iQ, has officially filed with regulators to launch a Solana Exchange-Traded Product (ETP) dubbed the Solana Fund (QSOL).
- This move is particularly salient for investors looking to gain exposure to the altcoin Solana.
Discover the latest development in the crypto market: 3iQ’s proposed Solana ETP, set to provide Canadian investors with streamlined access to Solana.
Major Milestone for Altcoin SOL: 3iQ Files for Solana ETP
Amidst the recent bearish trends in the cryptocurrency market, significant forward movements persist. Recently, Canada’s crypto asset management firm, 3iQ, officially filed with Canadian regulators to establish an Exchange-Traded Product (ETP) focused on the cryptocurrency Solana, named the Solana Fund (QSOL). Given Solana’s prominence as one of the largest cryptocurrencies and its substantial popularity in Turkey, this filing marks an important step for potential investors. Should it receive approval, the Solana Fund will be listed on the Toronto Stock Exchange (TSE), enabling Canadian investors to directly invest in SOL tokens.
Advantages of the Solana Fund for Investors
The Solana Fund aims to provide several benefits to investors:
- Seamless Access to Solana: By investing in the Solana Fund, investors will gain direct exposure to SOL tokens without the complex processes of using crypto exchanges and wallets.
- Staking Income: The fund will offer the potential for passive income through staking, a process that supports the security and operation of the Solana blockchain network. Investors in the Solana Fund will receive a share of the staking rewards.
- Secure Custody: Assets within the Solana Fund will be securely held by reputable institutions such as Coinbase Custody and Tetra Trust, ensuring the utmost security for investors’ holdings.
Canadian crypto asset company 3iQ announced that it has applied to launch Solana ETP in Canada. The proposed ETP is called Solana Fund and will provide Canadian investors with SOL investment opportunities. If approved, the fund will be listed on the Toronto Stock Exchange and…
— Wu Blockchain (@WuBlockchain) June 21, 2024
Current Solana Price Trends and Implications
Despite the recent downward trend in Solana’s price, the Solana Fund proposal by 3iQ could positively impact its value. Analysts suggest that the approval of the fund could potentially drive Solana’s price up to $210, and even as high as $354. By simplifying the investment process for Solana, the fund could broaden the investor base, contributing to the growth and adoption of the Solana ecosystem. Such regulated ETFs entering the market can bolster confidence in the cryptocurrency realm, potentially attracting more investors.
Meanwhile, the broader cryptocurrency market continues to face challenges, with Bitcoin’s ongoing value decline and recent drop below $64,000. This has contributed to a bearish outlook for June, affecting major cryptocurrencies, including Solana, which has revisited critical support levels. Solana’s price has dipped to $128, marking a seven-week low following a 10.5% weekly drop as it seeks support within a multi-month triangle formation. Given the recent success of Bitcoin ETFs, the introduction of the Solana ETP is expected to present a positive outlook for SOL prices.
Conclusion
The proposal for the Solana ETP by Canada’s 3iQ represents a significant development for the cryptocurrency market, offering investors seamless access to Solana and potential staking income while ensuring asset security. If approved, it could drive positive momentum for Solana’s price and further integrate the altcoin into the investment portfolios of Canadian investors. As the market awaits regulatory decisions, the broader implications for investor confidence and market growth remain significant.
