After notable resistance from previous years, the new year launched Spot-based Bitcoin ETFs into the U.S. market. As a result, a handful of ETFs have been filed, approved, and gone live. While most ETFs are tied to leading cryptocurrencies, alternative tokens seem to be gaining traction as investor demand continues to soar.
More recently, Solana has become a topic of conversation among key players. Suggestions that a potential Solana Spot-based ETF could enter the market have become increasingly popular in the altcoin ecosystem.
Notably, new developments strengthen positive sentiments, with a more recent one making rounds amongst Solana investors. Particularly, digital asset manager 3iQ has filed for a Solana (SOL) exchange-traded product (ETP). The application, if approved, could launch a Solana-based ETP, which will go live on Canada’s Toronto Stock Exchange (TSE).
“3iQ Corp. is pleased to announce that we have submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada in relation to an initial public offering.” The official announcement was shared on Twitter, formerly X read.
The future is promising for Solana (SOL)
The move highlights the firm’s continued commitment to innovation. Should the application gain approval from regulatory bodies, the announcement notes that the Fund will become the “first Solana exchange-traded product to be listed in North America.”
Additionally, the approval will launch Solana into a broader market as exposure to SOL is poised to increase in the long term.
This year, the ETF market approved multiple Bitcoin Spot-based ETFs in the U.S. market. In the coming months, the SEC also approved an Ethereum ETF. The market saw a notable upsurge in the price value of Bitcoin and ETH following the approvals, as demand for both assets soared nationally and globally.
For one, Bitcoin hit a new all-time high, soaring past $73,000, before taking a downturn. Selling pressure also notably dropped while whales continued to increase their holdings. Expectations for Ethereum are notably just as high, as key players anticipate a long-term upswing in price performance.
The outlook for Solana is similar among community members. ETFs can boost interest rates in an asset, and Solana is no exception. At report time, the asset, SOL, trades for $137.
