3iQ Digital Asset Management applied the first-ever Solana spot ETF product

Solana (SOL) is a popular Proof-of-stake (PoS) crypto network that can process up to 70,000 transactions per second (TPS), thanks to its special protocol

Canadian digital asset investment fund manager 3iQ Digital Asset Management has applied the first-ever Solana spot ETF product.

Solana (SOL) is a renowned Proof-of-Stake (PoS) crypto network that can handle up to 70,000 transactions per second (TPS), owing to its unique protocol Proof-of-History (PoH).

On June 20, 2024, 3iQ3iQ Digital Asset Management submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada in connection with an initial public offering.

According to the company, this move continues its track record of innovation. If the necessary regulatory approvals are received, the Fund would become the first Solana exchange-traded product to be listed in North America.

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. This continues our track record of innovation, and if receipt of applicable regulatory approvals is obtained, the… pic.twitter.com/7ghv05f8gU

As per Bloomberg ETF expert James Seyffart, Canada has been at the forefront of crypto adoption, having introduced spot Bitcoin and spot Ethereum ETFs before the US even launched futures ETFs for these assets.

UPDATE: 3iQ just filed to launch the first Solana ETF in Canada (and thus North America). Looking to launch under the ticker $QSOL.

Canada had spot Bitcoin and spot Ethereum ETFs before the US even got futures ETFs for either asset.

h/t @alextapscott

https://t.co/Ra6vDdepil pic.twitter.com/LRO4NJWhAr

However, Seyffart expressed a pessimistic view on this application, stating that there is no guarantee the fund manager will succeed in getting regulatory approval for this application.

You guys would be stunned to realize we already have over $1 Billion in Solana ETPs elsewhere in the world!! pic.twitter.com/y3zSZrHJGo

Solana (Sol) price action

The Sol coin is currently trading at $132.5, which marks a 2% decrease in the last 24 hours.

Despite this decrease, the trade price of this cryptocurrency is still 700% high Year-to-Date (YTD), and in the present scenario, people are expecting more rallies.

The latest trade price graph shows that Solana’s price is expected to experience moderate volatility with a general downward trend and the price is forecasted to range between approximately $112 and $165, with an average trading price of around $132.

Read also: MicroStrategy Increases Bitcoin Holdings to 226,331 BTC with New $786M Acquisition

News source：https://www.kdj.com/cryptocurrencies-news/articles/iq-digital-asset-management-applied-solana-spot-etf-product.html

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