A new proposal for a Solana ETF has surfaced in Canada. This development comes after the establishment of spot Bitcoin ETFs in the U.S. The initial approval of spot Ethereum ETFs also occurred last month.
Canadian investment fund manager 3iQ filed to offer The Solana Fund (QSOL). The company claims it would be North America's first Solana exchange-traded product if approved.
Solana (SOL) is the fifth-largest cryptocurrency. It has a market cap of $61 billion. Bitcoin, Ethereum, Tether, and Binance Coin precede it in size.
3iQ plans to list the fund on the Toronto Stock Exchange. This listing relates to an initial public offering.
"The Solana Fund offers easy exposure to SOL without technical complexity," stated 3iQ. They added, "As part of our investment strategy, the Solana Fund will stake SOL to earn rewards."
3iQ already offers Bitcoin and Ethereum ETFs. Their move to support Solana fuels speculation about future cryptocurrency approvals in the U.S.
British bank Standard Chartered made predictions about future SEC approvals. They believe Solana and XRP will be next to receive ETF approval.
Geoffrey Kendrick, Standard Chartered's head of crypto research, commented on the similarity to Ethereum. He said, "In several cases the core technology is so similar to ETH it would be difficult for the SEC to claim they were securities given the ETH position."
Tether and WAX co-founder William Quigley shared his thoughts with Decrypt. He expects fund managers to move to the "next hot new thing" with Solana as a likely option.
Quigley elaborated on the trend. "Every time Wall Street packages a new product to sell to consumers, if that product is successful, you can guarantee there will be copycats," he said. He pointed to the massive investments in Bitcoin spot ETFs.
Bloomberg analyst James Seyffart noted Canada's early adoption of crypto ETFs. He also highlighted the existing global market for Solana funds.
Seyffart tweeted about the scale of existing Solana ETPs. "You guys would be stunned to realize we already have over $1 billion in Solana ETPs elsewhere in the world," he wrote. He included a list of funds from providers like 21Shares, VanEck, and WisdomTree.