Canada is planning to launch a number of Spot Solana (SOL) Exchange-Traded Funds (ETFs) with expansion opportunities on Wednesday, according to Bloomberg senior ETF analyst Eric Balchunas.
In one after On X, Balchunas mentioned a circular from Toronto-Dominion Bank that stated that the Ontario Securities Commission (OSC), which supervises the Toronto Stock Exchange, has approved four asset managers to mention the new products.
“The OSC today gave the light to ETF emission, including purpose, Evolve, CI and 3IQ, to mention the world’s first spot Solana ETFs in Canada,” a screenshotted copy of the circular reads.
“All Solana that has been launched soon will invest in long -term possession of Solana in physical form, but will follow different indices,” it will continue. “The new Solana ETFs will be busy setting up activities to earn rewards, which can yield higher yields than Ether use and reduce the total ETF holding costs.”
Solana is currently trading at $ 129.97, with 2.2% during the last 24 hours, according to Coingecko data.
The upcoming launch of Solana ETF is amid about accelerating interest in spot crypto ETFs worldwide. In January 2024, the US Securities and Exchange Commission (SEC) approved the first party Spot Bitcoin ETFs good after years of resistance.
That movement has since then activated A Wave of archives Bound to other digital assets in the country, especially after crypto-friendly President Donald Trump’s re-election at the end of last year and a Changer on the sec.
Balchunas, however, warned that two Solana ETFs in the US had very little in assets under management, although it is not a perfect comparison.
“The 2x XRP already has more AUM than both Solana ETFs, and it came out afterwards. Wouldn’t read a ton in it, but it’s our first look at the Alt Coin Race,” he written.
Asset managers in the US, such as Wisdomtree, Bitwise, 21Shares, Franklin Templeton and Canary Capital, have also submitted proposals for Altcoin -based spot ETFs such as XRP and Solana. However, none of these applications have received legal approval.
In the meantime, Hong Kong and Australian markets have also introduced regulated spot -Crypto ETFs, which reflects a wider push under institutional investors for conforming exposure to digital assets. Canada approved his first place Bitcoin ETF in February 2021.
Setting has become an important feature in the next generation of crypto ETFs. Although Canadian supervisors in ETFs have been approved, American authorities remain hesitant.
On Monday, the sec delayed a decision About Grayscale’s proposal to include ETF ETF in place. The committee extended the assessment period until 1 June 2025, with reference to the need for further analysis.
To date, the SEC has not approved any ETF. Bloomberg analyst James Seyffart has planned that the American listed ETF’s can get permission to turn off at the end of 2025, depending on the developments of the regulations.
Published by Sebastian Sinclair
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