3iQ announced the filing of a “preliminary prospectus for the Solana Fund (QSOL) in Canada” in an IPO. Furthermore, the company claims that the decision reiterates its “track record of innovation,” with the approval leading to the first SOL ETP in North America.
Is Solana ETF likely in the US after Canada’s decision?
Over the past 30 days, Solana is down more than 27% according to CoinMarketCap. The token has endured the general market downturn as it struggles to hold its $130 price. Its chart also shows a bearish bias, with prices below the 50- and 200-day exponential moving averages.
However, that does not reduce the possibility that the asset will follow in the footsteps of Ethereum and Bitcoin and become the third cryptocurrency-based ETF in the United States. Since the Solana ETP is visible in Canada, many traders have wondered whether the approval of the SOL ETF will eventually lead to similar authorization in the United States.
Bloomberg analyst Erich Balchunas wonder why more companies don’t adopt a similar approach. He commented on Trump’s re-election potentially leading to a more pro-crypto government, which could then lead to more tokens for spot products.
SOL ETP news does not affect the price of the asset much. Over the past 24 hours, it is still down more than 3%. However, the asset’s price could rise if the ETF hype begins to take hold. Bitcoin spot ETF approval led the asset to hit the $73,000 mark in March.
