3iQ Submits Application for Solana ETP on Toronto Stock Exchange Is Solana ETF Approaching
There is a lot of excitement in the market regarding ETFs, particularly for crypto enthusiasts worldwide. After much speculation, work on a Solana ETF is underway. Digital asset manager 3iQ has filed for a Solana (SOL) exchange-traded product (ETP) listing on Canada’s Toronto Stock Exchange (TSE), which could potentially be the first of its kind in North America. This ETP aims to provide exposure to SOL’s daily price movements and staking yields.
3iQ Corp. is pleased to announce that they have submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada for an initial public offering. This demonstrates their commitment to innovation, and pending regulatory approvals, they will continue to push forward.
On June 20, 3iQ announced the submission of a preliminary prospectus for The Solana Fund (QSOL) to regulatory authorities across Canadian provinces and territories, except for Quebec. If approved, QSOL would be the first Solana ETP listed in North America.
In terms of staking, QSOL aims to provide investors with exposure to SOL’s price and potential staking yields, estimated to be between 6-8%. Coinbase Custody and Tetra Trust will act as custodians, with Coinbase Custody offering institutional staking infrastructure.
3iQ already has the Bitcoin ETF (BTCQ) and Ether Staking ETF (ETHQ) listed on the TSE, managing approximately $233 million and $38.7 million in net assets, respectively. The company also offers The Bitcoin Fund (QBTC) and The Ether Fund (QETH).
Canada has been at the forefront of crypto adoption, with regulators approving the world’s first spot Bitcoin ETFs in February 2021, followed by spot Ether ETFs two months later. This puts Canada ahead of the U.S., which introduced futures ETFs for these assets.
While over $1 billion worth of Solana ETPs already exist globally, including the 21Shares Solana Staking ETP and ETC Group’s Physical Solana product in Europe, no U.S. firms have announced plans for a spot Solana ETF.
3iQ Corp’s move to file for a Solana ETP on the Toronto Stock Exchange reflects the increasing interest in cryptocurrency ETFs. Prominent figures in the industry, such as ARK Invest CEO Cathie Wood and Ripple CEO Brad Garlinghouse, have expressed optimism about the potential for a Solana ETF. However, Rob Marrocco of Cboe remains skeptical due to the lack of a futures market for Solana.
3iQ’s filing for a Solana ETP on the Toronto Stock Exchange is a significant step towards expanding cryptocurrency investment products in North America. If approved, this product will offer investors direct exposure to Solana’s price movements and staking opportunities, showcasing the growing interest and innovation in the crypto ETF space.
As of now, Solana (SOL) is trading at $134.07, experiencing a slight decrease of 0.08% in the last 24 hours.