Surprise Altcoin Takes Steps Towards ETF After Bitcoin and Ethereum
In a surprising development, an altcoin is now following in the footsteps of Bitcoin and Ethereum by seeking approval for an exchange-traded fund (ETF) in Canada. 3iQ Corp, a prominent investment fund manager in Canada, has filed an application to launch the first Solana ETF in North America. The ETF, which will be traded under the ticker QSOL, is set to be introduced through an Initial Public Offering (IPO).
This move is seen as significant, as Bloomberg’s ETF analyst James Seyffart noted that Canada had spot Bitcoin and spot Ethereum ETFs before futures ETFs for these assets were approved in the US. The Solana ETF aims to provide investors with direct exposure to SOL without the complexities of digital asset management.
Solana, launched in 2020, has quickly established itself as one of the largest and fastest blockchain networks in the world, with a market value of around $65 billion. Unlike Bitcoin, which was primarily designed as a payment system, Solana focuses on high-performance blockchain applications. Its emphasis on high processing speeds and low costs has made it popular among developers.
To ensure the highest level of security for investors, 3iQ will keep its assets in cold storage through a trusted partnership with Tetra and Coinbase. As part of its investment strategy, the Solana ETF will stake investor SOLs to earn rewards, offering estimated returns of 6-8%. These rewards, after deducting applicable fees, will be reinvested for the benefit of shareholders.
It’s important to note that this article does not provide investment advice. For those interested in investing in cryptocurrencies, Binance exchange offers the opportunity to trade over 300 cryptocurrencies with a 20% commission discount.
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