First Solana ETF to Hit North America with Upcoming Launch on the Toronto Stock Exchange

Last updated: June 21, 2024

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First Solana ETF to Hit North America with Upcoming Launch on the Toronto Stock Exchange

In a new development that has sparked wild stir across the entire crypto space, Solana Exchange Traded Fund (ETF) could become the next big thing that would happen in the crypto space, as it will become the third cryptocurrency ETF with regulatory bodies approval after Bitcoin (BTC) and Ethereum (ETH).

Interestingly, 3iQ Digital Asset Management, a Canadian-based fund manager, recently announced that it has filed for the first-ever Solana exchange-traded product listing on the renowned Canadian Toronto Stock Exchange (TSE).

Taking to its verified X handle, the North American-based asset manager broke the news to its over 7K users: “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 Fund would be the first Solana exchange-traded product to be listed 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

Notedly, 3iQ noted via a press release on its official website that it filed QSOL on a preliminary basis with securities regulatory agencies across all Canadian provinces except Quebec, underscoring the platform’s determination to ensure it achieves the first Solana ETF approval.

Expectations From The Anticipated First Solana ETF Approval

With the fund approval, holders will access SOL’s daily price movements, staking yield, and long-term capital appreciation. The fund manager platform noted that the interest rate would be attractive, estimated to range between 6% – 8%.

Notably, Tetra Trus and Coinbase Custody will be the custodians. Aside from serving as a custodian, Coinbase Custody will provide exclusive institutional staking infrastructure for the Solana fund.

Crypto Chiefs React To The Possibility Of A First Solana ETF Approval In Canada

As expected, the news about the propensity of the first Solana ETF approval happening soon has grabbed considerable attention among top crypto bosses, as they have waded into the discussion to relay what they think about the bold move by 3iQ.

Reacting to the new development, Eric Balchunas, a senior ETF analyst for Bloomberg, noted that it is surprising that more asset managers have not attempted to tread a similar path with 3iQ in the United States. Considering that there could be a change in government in the U.S. that is hellbent on a pro-crypto regulatory shift, it becomes a strategic move by any platform that can pull it off in the United States.

Interesting.. Kinda surprised we haven’t seen more tried in US like this, would be like a call option just in case Trump wins and SEC chair is directed to be pro-crypto (to the point where the “but.. but.. there’s no futures for this coin” rebuttal wouldn’t matter anymore) you’d…

— Eric Balchunas (@EricBalchunas) June 20, 2024

In addition, Bloomberg ETF analyst James Seyffart was full of praise for Canada, citing that the North American nation pioneered the spot Ethereum and Bitcoin ETFs and could be on the brink of championing that of Solana. However, the U.S. has remained reluctant.

While event outcomes remain fluid, 3iQ’s recent feat will go down as a commendable attempt with the potential to champion the first Solana ETF approval with possible impacts on the token’s price.

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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.

Author

Chinedu Agbakwusi

Chinedu Agbakwusi is a news writer and editor for Crypto2Community. He is a crypto enthusiast with vast experience across several crypto-related projects and platforms. Chinedu has been following the development of the crypto market for several years, and he is optimistic about its potential to democratise the global financial system. He hopes to be a reliable plug for reporting trends and breaking down complex concepts to his readers. Agbakwusi's previously written for several crypto news including Times Tabloid, UPay, while also contributing over the years to many others leading media publications.

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