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Investment Manager Files Proposal for First Solana ETF in North America
- The introduction of spot crypto ETFs to the US market has been a resounding success.
- With Ethereum ETFs just around the corner, many in the community are pondering whether other altcoins will sneak through the SEC’s rigorous vetting process.
- Canadian fund manager 3iQ has submitted documents for its spot Solana ETF, which would be the first of its kind in NA.
It’s ETF season baby.
By now, we all know the story. Spot Bitcoin ETFs were approved by the Securities and Exchange Commission earlier this year, catapulting the industry into the institutional spotlight.
With big financial names like BlackRock and Invesco jumping onboard, BTC shot to the moon and people started taking blockchains seriously once and for all.
The dramatic impact of ETFs on a digital asset project – particularly in the US – is soon coming to Ethereum as the SEC spectacularly reversed its stance on crypto in the final hour. With optimism running rampant among the TradFi/DeFi sectors, the question on everyone’s mind is: who’s next?
The answer appears to be Solana.
Related: Chances For Solana, Cardano ETFs Increasing, Says Tether Co-Founder
High-Profile Crypto Figures Weigh In on Solana ETF
Some experts in the industry aren’t convinced that the ETF craze will extend beyond Bitcoin and its second-in-command. However, noise is starting to resonate around other altcoins boasting their own spot funds.
Earlier this week we heard stablecoin giant Tether USD’s CEO state that a Solana ETF would be good for the industry, while Ripple founder Brad Garlinghouse echoed this sentiment in the months prior.
Canadian Investment Firm to Bring Solana ETF to North America
The crypto community might experience the potential benefits of a Solana ETF sooner rather than later, with a Canadian investment fund manager filing the first-ever North American fund based on SOL.
The firm, 3iQ, intends to release “The Solana Fund” (SQOL) via an initial public offering (IPO) if granted approval.
Although the Canadian market is a fair bit smaller than the US market, it will provide a window into how a Solana ETF may perform if it eventually gains approval on the “big stage”.
Author
Ben Knight
Ben Knight is a writer and editor from Melbourne with a passion for all things music and finance. He enjoys turning complex topics – especially the technical details of cryptocurrency – into digestible bites that anybody can understand. He acquired his Master’s in Writing, Editing and Publishing from RMIT in 2019 and has run his own creative writing business ever since.
