Digital asset manager 3iQ has recently filed to list a Solana exchange-traded product (ETP) on the Toronto Stock Exchange, leading many to ponder if a SOL ETF in Canada could precede US approval for the investment vehicle. The cryptocurrency emerged as a favorite for the offering after two crypto-based ETFs were greenlit this year.
3iQ announced the submission of “a preliminary prospectus for The Solana Fund (QSOL) in Canada,” in an IPO. Moreover, the firm stated that the decision reiterates its “track record of innovation,” with approval leading to the first SOL ETP in North America.
Also Read: Solana (SOL) Weekend Price Prediction: Will It Reclaim $140?
Solana ETF a Possibility in the US After Canada Decision?
Over the last 30 days, Solana has fallen more than 27% according to CoinMarketCap. The token has suffered from an overall market downturn as it fights to hold on to the $130 price. Its charts have also shown a bearish trend, with its price below the 50 and 200-day exponential moving averages
However, that has not lessened the potential for the asset to follow in the footsteps of Ethereum and Bitcoin and be the third crypto-based ETF in the US. As Solana could see an ETP in Canada, many traders have wondered if an eventual SOL ETF approval would lead to a similar authorization in the US.
Also Read: Solana (SOL) Weekly Price Prediction: Can It Reclaim $150?
Bloomberg Analyst Erich Balchunas wondered why more companies haven’t taken a similar approach. He remarked on Trump’s re-election likely leading to a more pro-crypto government, which could then lead to more tokens for spot products.
The SOL ETP news didn’t heavily impact the asset’s price. Over the last 24 hours, it is still down more than 3%. Still, the asset’s price could surge if ETF hype begins to take hold. Bitcoin’s Spot ETF approval led the asset to reach a landmark price of $73,000 in March.