3iQ Announces First Solana ETP Filing in Canada
On Thursday, 3iQ Digital Asset Management announced the filing of a preliminary prospectus for The Solana Fund (QSOL) with securities regulatory authorities across Canada, excluding Quebec. If approved, QSOL will become the first Solana (SOL) exchange-traded product (ETP) listed in North America, trading on the Toronto Stock Exchange (TSX) under the ticker “QSOL”.
First Solana ETP In North America Submitted
This prospective listing marks a significant milestone for 3iQ, a global leader in digital asset investment solutions. The firm has a robust history of firsts in the digital asset sector, including launching the first publicly traded Bitcoin and Ether funds in Canada.
QSOL aims to offer investors exposure to the digital currency SOL, the daily price movements of SOL in US dollars, and the opportunity for long-term capital appreciation. Additionally, the fund will leverage staking yields from the Solana network, estimated to range between 6-8%.
Greg Benhaim, Executive Vice President of Product and Head of Trading at 3iQ, emphasized the company’s commitment to innovation and regulatory compliance: “3iQ seeks to set a global standard of excellence and we’re proud to work closely with the OSC to responsibly enhance the digital asset investment landscape in Canada.”
Partnerships and Potential Impact
3iQ has partnered with Canaccord Genuity as the agent for the offering, while Tetra Trust and Coinbase Custody Trust Company, LLC will serve as custodians. The fund will also utilize Coinbase Custody’s institutional staking infrastructure, which is crucial for supporting SOL staking.
The launch of QSOL is anticipated to provide a regulated investment vehicle, embodying the highest standards, for both individual and institutional investors. This development aligns with 3iQ’s mission to deliver accessible crypto asset investment options.
Global Expansion and Market Analysis
While this is a first for North America, Solana ETPs have already made their mark globally. Products like the 21Shares Solana Staking ETP and the ETC Group Physical Solana product in Europe represent over $1 billion in assets. The approval and subsequent success of QSOL could pave the way for further Solana-based investment products in North America.
James Seyffart, Bloomberg ETF analyst, noted the significance of Canada’s progressive stance on cryptocurrency ETFs, comparing it to the US market.
Company Background and Future Outlook
Founded in 2012, 3iQ has established itself as a pioneering force in digital asset management. The company offers a range of investment products, including The Bitcoin Fund (TSX: QBTC) and The Ether Fund (TSX: QETH), with substantial net assets. The Bitcoin ETF (BTCQ) and the Ether Staking ETF (ETHQ) are among its flagship products, reflecting the firm’s dedication to providing innovative and regulated digital asset solutions.
At press time, SOL traded at $132.
Featured image created with DALL·E, chart from TradingView.com