Spot Solana ETFs Could Give Solana 9X Gains After Approval

Crypto Market Makers GSR Markets I think Solana exchange traded funds (ETFs) could generate 9X gains for SOL.

GSR June 27 market report ranked Solana among the top three largest crypto assets. The report also examined whether SOL would be among the next spot crypto ETFs to receive the green light from the SEC in the United States.

Surprisingly, this report coincides with Van Eklatest file filed with the American authorities for the approval of a Solana spot ETF.

GSR optimistic about Solana Spot ETF approval

GSR currently holds a long position (buy trades) in SOL. 9X Prediction for SOL assumes that Solana Spot ETFs would receive 14% of the inflow volume seen by Bitcoin ETFs.

This GSR estimate is relative to the size of SOL’s market cap, currently at $67.18 billion. The report describes a blue sky scenario in which Solana (SOL) rebounds to $1,312 from its current price of $145. If this comes to fruition, SOL’s market cap will reach $614 billion (if it maintains the current supply).

Alternatively, GSR outlined a bearish scenario in which SOL would only see 2% and 5% of Spot BTC ETF inflows if the SOL ETFs underperform. In this scenario, SOL would see price gains of 1.4X and 3.4X, respectively.

GSR noted that price estimates could increase if Solana Spot ETFs support revenue from staking rewards. However, this scenario is unlikely since U.S. authorities have not approved staking in Spot Ether applications.

Meanwhile, Bloomberg ETF analyst Eric Balchunas shared his views on a possible approval of a SOL Spot ETF.

Balchunas believes that the chances of a SOL ETF approval within twelve months depend on a change in the US administration in 2024. He says the chances of a change in the presidency and a SOL ETF approval are higher after the SOL ETF approval. presidential debate.

Balchunas’ position depends, among other things, on whether Solana was qualified as a security by the US Security and Exchange Commission (SEC) last year. This makes approving a Solana ETF quite difficult compared to Bitcoin and Ethereum Spot ETF.

3iQ files new Solana exchange-traded product in Canada

While Solana awaits regulatory clarity for its Spot ETFs in the United States, other regions, such as North America, have also expressed interest.

Digital Asset Business 3iQ has filed an application to list a Solana exchange-traded product (ETP) on Canada’s Toronto Stock Exchange (TSE). If approved, 3iQ’s product will be the first Solana ETP in North America.

In a recent X post, 3iQ confirmed the filing of a preliminary document for the Solana Fund (QSOL) in Canada. The asset manager also filed a preliminary prospectus with securities regulators in all regions of Canada, excluding Quebec.

According to 3iQ Companythis is a testament to their track record of innovation. The company hopes to provide managed services exposure to GROUND and the possibility of a long-term capital increase for Canadian investors.

3iQ previously launched the Bitcoin Fund And Ether Fund, which are listed on the Toronto Stock Exchange under the symbols QBTC and QETH. QBTC and QETH were the first publicly traded funds in Canada.

3iQ therefore hopes to achieve a similar feat with Solana, which could have a positive effect on the price of SOL depending on investor inflows.

Disclaimer: The opinions expressed in this article do not constitute financial advice. We encourage readers to conduct their own research and determine their own risk tolerance before making any financial decisions. Cryptocurrency is a highly volatile and high-risk asset class.

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