Canadian asset manager 3iQ has announced that it has filed a prospectus to list a Solana ETP (similar to an ETF) on the Toronto Stock Exchange (TSX).
This makes 3iQ the first fund manager to offer a publicly traded Solana ETP in North America.
Background and Objectives of 3iQ
3iQ is known for being one of the first to launch a Bitcoin ETF, as well as an Ethereum ETF, both listed on the TSX. Greg Benhaim, EVP of Products and Head of Trading at 3iQ, stated:
3iQ seeks to establish a global standard of excellence and we are proud to work closely with the Ontario Securities Commission (OSC) to responsibly enhance the landscape of digital asset investments in Canada.
Details of the New Solana ETF
The fund, named Solana Fund, will be traded under the symbol QSOL if approved by the OSC. In addition to providing exposure to the price movements of Solana’s native token (SOL), it will also offer exposure to the staking rewards generated by the Solana network.
Our goal is to continue pushing boundaries and keep Canada as a center of innovation. The Solana ETP will have staking enabled, similar to our Ethereum ETPs, allowing us to transfer the yield to investors.
Christopher Matta, Strategic Advisor at 3iQ
Market Reactions and Impact
Despite the announcement of this new product, the price of SOL has remained moderately lower over the past 24 hours, with the likelihood of a Solana ETF in the U.S. market remaining relatively low.
The introduction of this Solana ETP by 3iQ could mark an important step in the accessibility of digital assets for Canadian investors, further solidifying Canada’s position as a leader in financial innovation and digital asset management. The Solana Fund, with its staking features, offers a unique opportunity for investors to benefit from both the potential growth of SOL and the returns generated by the network.
