This fund aims to provide investors with exposure to SOL. Coinbase Custody Trust Company, LLC will serve as the fund’s custodian. According to the official release, 3iQ will use Coinbase Custody’s institutional staking infrastructure to support SOL staking.
3iQ has a strong track record of providing cryptocurrency-based investment vehicles in Canada. The company launched the country’s first Bitcoin (BTC) and Ethereum (ETH) funds.
According to Greg Benhaim, Executive Vice President of Products and Chief Trading Officer at 3iQ, “3iQ aspires to set a global standard of excellence and we are proud to work closely with the OSC to advance the financial investment landscape. digital assets in Canada responsibly. “
Will Solana increase in price if ETP is launched?
SOL has faced significant price drops over the past few days. The asset’s price has been steadily decreasing since April, when it was trading at more than $200.
Solana ETP could lead to an increase in new capital for this asset. The US Securities and Exchange Commission approved 11 Bitcoin ETFs earlier this year, leading to BTC reaching a new all-time high. We may witness a similar pattern with SOL.
SOL ETP alone may not be enough to boost asset prices. The overall sentiment of the cryptocurrency market seems low. Investors are cautious and BTC miners capitulated after the price to mine one BTC surpassed $86,000 earlier this week. BTC must change its trend so that the larger market can accelerate.
