In a groundbreaking move, 3iQ has filed for a Solana exchange-traded product (ETP) listing on Canada’s Toronto Stock Exchange (TSE). If approved, this will be the first Solana ETP in North America, bringing significant attention to Solana’s (SOL-USD) growing prominence in the cryptocurrency market.
A New Chapter for Solana
3iQ’s Solana product, named QSOL, seeks to provide shareholders with the opportunity to earn staking yields from the Solana network, estimated to range between 6-8%. The ETP will offer exposure to the digital currency SOL and its daily price movements in U.S. dollars. Coinbase Custody and Tetra Trust will serve as custodians, with Coinbase Custody providing exclusive institutional staking infrastructure for the Solana fund.
Details of the Filing
On June 20, 3iQ announced via a post on X that they had submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada, covering all provinces and territories except Quebec. This ETP is designed to offer investors direct exposure to Solana, which has already seen more than $1 billion worth of ETPs globally, such as the 21Shares Solana Staking ETP and the ETC Group Physical Solana product in Europe.
The Canadian Crypto Landscape
Canada has been at the forefront of cryptocurrency ETF innovation. The Canadian securities regulators approved the world’s first spot Bitcoin ETFs in February 2021, followed by spot Ether ETFs two months later. 3iQ itself manages several cryptocurrency products listed on the TSE, including the Bitcoin ETF (BTCQ) and the Ether Staking ETF (ETHQ), which boast substantial net assets.
What This Means for Investors
If approved, the Solana ETP will join 3iQ’s portfolio, providing investors with a new avenue to diversify their digital asset holdings. This move is seen as a significant step in bringing Solana closer to mainstream financial markets in North America, potentially increasing its adoption and market presence.
Looking Ahead
If QSOL gets the green light, it’s going to be a huge deal for both Solana and 3iQ. This move would really put Canada on the map as a leader in crypto investment products. Investors and crypto fans are keeping a close watch on this, curious about how it might shake up the market. This could pave the way for more mainstream adoption of Solana and open up new opportunities in the digital asset space. It’s an exciting time, and everyone is eager to see what happens next!
