Canada Set to Launch First Solana ETF
3iQ has become the first organization to file for registration of a Solana exchange-traded product (ETP) in Canada.
Canada is set to launch its first Solana ETF. Image: Altcoin Daily
3iQ Digital Asset Management has submitted its application to the Ontario Securities Commission to launch the first Solana ETP product 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.
— 3iQ Digital Asset Management (@3iq_corp) June 20, 2024
This continues our track record of innovation, and if receipt of applicable regulatory approvals is obtained, the… pic.twitter.com/7ghv05f8gU
The proposed ETP is called the Solana Fund, offering Canadian investors exposure to SOL without needing to use hot wallets or other blockchain technology, similar to an ETF. Additionally, the product will generate income from staking activities on the network.
If approved, this fund will be listed on the Toronto Stock Exchange under the ticker QSOL.
Greg Benhaim, Deputy CEO and Head of Trading at 3iQ, shared:
"As pioneers in digital asset investment management, we aim to continue our mission of providing professionally managed investment vehicles — embodying the highest standards and collaborating with leading partners — for individual and institutional investors to efficiently access this class of crypto assets."
Overall, the new product aims to provide holders with daily price fluctuations of SOL, long-term capital appreciation, and staking rewards.
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
3iQ was among the first fund managers to launch publicly traded Bitcoin and Ethereum funds in Toronto.
Commenting on 3iQ's plans, Bloomberg ETF analyst Eric Balchunas expressed surprise at the increasing number of asset managers not filing similar applications in the US. This strategic move could position them well in case of regulatory changes in cryptocurrency from the new administration.
Canadian authorities have greenlit Bitcoin and Ethereum Spot ETFs since 2021, setting a precedent even before similar products were accepted in the US.
VanEck, a renowned asset manager, also sees potential in Solana, having launched a Solana ETF on the Deutsche Börse in 2021. In a recent report, VanEck analysts Matthew Sigel and Patrick Bush continue to predict Solana's participation in the Spot ETF race in 2024.
Currently, SOL ranks as the 5th largest cryptocurrency by market cap, at $61.8 billion USD. SOL's price has seen a slight 1% decrease over the past 24 hours.
