With Bitcoin spot ETFs (exchange-traded funds) entering the American market and Ethereum spot ETFs imminent after approval from the US Securities and Exchange Commission in May, a new application for a Solana spot ETF was submitted in Canada on Thursday.
Well-known Canadian asset manager 3iQ revealed that it had filed a Solana ETF titled The Solana Fund, which would be the first in North America if approved. 3iQ said the ETF will be listed on the Toronto Stock Exchange after approval.
Solana’s Exceptional Recovery
Solana has seen a massive recovery in recent months, reaching a market capitalization of $60 billion to become the fifth-biggest crypto asset behind BNB, USDT, Ethereum, and Bitcoin. In November 2022, the coin fell below $10 after former FTX CEO Sam Bankman-Fried was accused of fueling the downfall of the crypto exchange.
In a statement, 3iQ said its Solana spot ETF will offer investors exposure to the Solana coin without holding the cryptocurrency. Moreover, the company stated that part of its investment strategy will involve staking Solana to earn rewards.
It is worth mentioning that 3iQ already issues Bitcoin and Ethereum ETFs. Some experts believe the company’s latest move is fueled by growing expectations that American regulators will soon approve Solana spot ETFs.
Standard Chartered Predicts Solana and XRP ETFs
Last month, British bank Standard Chartered released a report that claimed that XRP and Solana ETFs would receive a green light from the US Securities and Exchange Commission over the coming months. The financial institution argued that the technology applied in Solana and XRP is similar to Ethereum; therefore, it is unlikely that the SEC will label them as securities.
WAX and Tether co-founder Willian Quigley supports Standard Chartered’s statement and expects more asset managers to file Solana ETF applications before the year ends.
Analysts Speculate on Ethereum Spot ETF Launch Date
Meanwhile, in the United States, the focus remains on the launch of Ethereum spot ETFs, which the SEC unexpectedly approved in May. Asset manager Bitwise released an ad for its Ethereum ETF on Thursday, with analysts anticipating that all approved ETFs will start trading on July 2nd.
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