SOL

Is Solana ETP Coming to North America Soon?

by BSCN

June 21, 2024

The ETF will offer exposure to Solana's daily price movements and staking yields, estimated between 6% and 8%. Custodians Coinbase Custody and Tetra Trust will ensure the fund's security and efficiency.

Digital asset manager 3iQ has applied to list an exchange-traded Product (ETP) based on Solana on the Toronto Stock Exchange (TSE). This initiative marks the first time such a financial product related to Solana is being offered in North America.

3iQ Corp. is pleased to announce that we have submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada in relation to an initial public offering.

This continues our track record of innovation, and if receipt of applicable regulatory approvals is obtained, the… pic.twitter.com/7ghv05f8gU
— 3iQ Digital Asset Management (@3iq_corp) June 20, 2024

It is planned to list the Solana ETP under the symbol QSOL. Shareholders will be able to benefit from the native staking yields of the Solana blockchain. These staking yields are estimated to be between 6% and 8%.

Coinbase Custody and Tetra Trust would serve as custodians for the Solana fund. Coinbase Custody would provide exclusive institutional staking infrastructure, ensuring the security and efficiency of the staking process.

QSOL was filed on a preliminary prospectus in every Canadian province and territory except Quebec. If approval is granted, QSOL will offer exposure to the SOL cryptocurrency and its daily price movements in US dollars.

3iQ’s Track Record

3iQ already lists the Bitcoin ETF (BTCQ) and Ether Staking ETF (ETHQ) on the TSE, which boast approximately $233 million and $38.7 million in net assets, respectively. The firm also offers The Bitcoin Fund (QBTC) and The Ether Fund (QETH), reinforcing its reputation as a major player in the crypto investment space.

3iQ’s initiative to launch the first Solana ETF in Canada is a major development. It could transform the landscape of crypto investments and open new avenues for financial innovation.

Canada: A Pioneer in Crypto Innovation

Canada has been a pioneer in approving crypto ETFs, having launched the world’s first spot Bitcoin and Ethereum ETFs in February and April 2021. Spot Bitcoin and spot Ethereum ETFs were available in Canada before futures ETFs were available in the US.

The approval of QSOL could pave the way for other financial products based on lesser-known cryptocurrencies, offering a wider diversity and increased inclusion in the traditional financial market.

Several Solana ETPs are already available worldwide, including the 21Shares Solana Staking ETP and the ETC Group Physical Solana product in Europe.

Disclaimer

Disclaimer: The views expressed in this article do not necessarily represent the views of BSCN. The information provided in this article is for educational and entertainment purposes only and should not be construed as investment advice, or advice of any kind. BSCN assumes no responsibility for any investment decisions made based on the information provided in this article. If you believe that the article should be amended, please reach out to the BSCN team by emailing [email protected].