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3iQ Applies to Launch Canada's First Solana ETP


  • Canadian investment firm 3iQ has filed to launch the first Solana exchange-traded product (ETP) in North America. 
  • The Solana Fund will be listed on the Toronto Stock Exchange, providing easy access to SOL without complex technical hurdles.
  • Solana, 5th largest crypto, could enhance liquidity with a Canadian ETF, according to industry leaders.

Digital asset manager 3iQ has applied to launch the first Solana (SOL) exchange-traded product (ETP) in Canada. The proposed fund, called “The Solana Fund,” would allow Canadian investors to purchase Solana digital currency, SOL, without dealing with complex blockchain technology, 3iQ said Thursday in a statement. This latest development follows the company’s successful launches of Bitcoin (BTC) and Ethereum (ETH) Exchange-Traded Funds (ETFs), cementing its position at the forefront of crypto investment innovation.

Toronto Stock Exchange to List Solana ETP

3iQ noted that QSOL has been filed on a preliminary prospectus with securities regulatory authorities across all Canadian provinces and territories except Quebec. If approved, the Solana Fund will become the first Solana ETP listed in North America, trading on the Toronto Stock Exchange (TSX) under the ticker “QSOL.” The availability of the QSOL to investors remains uncertain at this time.

Executive vice president of product and head of trading at 3iQ, Greg Benhaim, said:

“As pioneers in digital asset investment management, we look forward to continuing our mission to deliver regulated investment vehicles — embodying the highest standards and working with best-in-class partners — for individual and institutional investors to efficiently access the crypto asset class.”

Key Perks of 3iQ’s Solana Fund

According to the company’s blog post, Solana Fund would track SOL’s price movements and provide long-term growth opportunities. Moreover, investors in 3iQ’s Solana ETP may also earn interest from native SOL staking rewards, estimated by the firm to range between 6% and 8%. 

3iQ will manage the portfolio and investment for QSOL. The company has selected Canaccord Genuity to oversee the process of offering its product to investors. Meanwhile, Tetra Trust and Coinbase Custody will serve as custodians. The fund will also leverage Coinbase Custody’s institutional staking infrastructure, essential for supporting SOL staking.

3iQ already lists the Ether Staking ETF (ETHQ) and Bitcoin ETF (BTCQ) on the TSE. According to Yahoo Finance data, BTCQ has approximately $233 million in net assets, while ETHQ has about $38.7 million. The company also offers The Ether Fund (QETH) and The Bitcoin Fund (QBTC).

Solana ETP Could Follow Ethereum’s Lead

With a market capitalization of $61 billion, Solana is the fifth-largest cryptocurrency, following Bitcoin, Ethereum, Tether, and Binance Coin. Introducing a Solana ETF in Canada could boost market liquidity and offer both institutional and retail investors a new way to invest in this asset. William Quigley, co-founder of Tether and WAX, said Solana could become the next famous cryptocurrency for ETFs following the successful introduction of BTC spot ETFs.

Solana ETPs have already gained strong global traction, managing over $1 billion in assets. Companies like 21Shares, VanEck, and WisdomTree have launched Solana funds across different markets. Bloomberg analyst James Seyffart noted Canada’s pioneering launch of spot Bitcoin and Ethereum ETFs ahead of the US, underscoring the country’s progressive stance on crypto investments.

Solana’s Price Continues to Decline Despite Recent Development

SOL_1D_graph_coinmarketcap (2)
Source: CoinMarketCap

Despite the news, Solana’s price continues to decline. At the time of writing, SOL is trading at $131.50, down 3.87% in the last 24 hours. It has dropped 27% in the past 30 days. Crypto expert Andrew Kang, co-founder of a crypto-focused venture capital company, suggested in a recent post that ETF market shifts could slow Solana’s bullish momentum. Despite strong recent performance, Kang warns that if meme trading demand decreases, SOL’s price could drop sharply to $80.

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Disclaimer: Cryptocurrency is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.


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