On Thursday, 3iQ Digital Asset Management announced the filing of the first prospectus for Solana Fund (QSOL) with securities regulatory authorities across Canada, except Quebec. If approved, QSOL will be Solana’s (SOL) (ETP) first North American-listed exchange-traded product, trading on the Toronto Stock Exchange (TSX) under the ticker “QSOL”.
First Solana ETP in North America Delivered
This anticipated listing marks a significant milestone for 3iQ, a global leader in digital asset investment solutions. The company has a strong track record of pioneering digital assets, including establishing the first publicly traded Bitcoin and Ether currencies in Canada.
QSOL aims to provide investors with exposure to the SOL digital currency, the daily price movement of SOL in US dollars, and the opportunity for long-term capital appreciation. In addition, this fund will use the high yield from the Solana network, which is estimated between 6-8%.
Greg Benhaim, Executive Vice President of Product and Head of Commercial at 3iQ, emphasized the company’s commitment to innovation and compliance: “3iQ wants to set the global standard and we are proud to work closely with OSC to develop responsibly. the state of digital asset investment in Canada. “
3iQ is partnering with Canaccord Genuity as the offering agent, while Tetra Trust and Coinbase Custody Trust Company, LLC will act as custodians. The fund will also use the institutional infrastructure of Coinbase Custody, which is crucial for supporting SOL calculations.
The launch of QSOL is expected to provide a regulated investment vehicle, incorporating the highest standards, for individual and institutional investors. This development is in line with 3iQ’s mission to deliver accessible options for crypto asset investments.
Although this is the first time in North America, Solana ETPs are already making their mark around the world. Products such as the 21Shares Solana Staking ETP and the ETC Group Physical Solana product in Europe represent over $1 billion in assets. The approval and subsequent success of QSOL could pave the way for Solana-based investment products in North America.
James Seyffart, Bloomberg ETF analyst, noted the importance of Canada’s progress in cryptocurrency ETFs: “Canada had Bitcoin and Ethereum ETFs before the US got any commodity futures ETFs.”
However, Seyffart reiterated that this is not an Exchange Traded Fund (ETF), saying, “I was wrong. This is a closed end bag. So it will be very similar to one of the Grayscale trust products. Apart from Canadian closed funds there are ways to prevent discounts or premiums from being too excessive. 3iQ did this with a Bitcoin wallet in 2019 before launching ETFs And there is no guarantee that this thing will launch. It has just been installed.”
Founded in 2012, 3iQ has established itself as a leading force in digital asset management. The company offers a range of investment products, including the Bitcoin Fund (TSX: QBTC) and the Ether Fund (TSX: QETH), with net assets. The Bitcoin ETF (BTCQ) and the Ether Staking ETF (ETHQ) are among its leading products, demonstrating the company’s commitment to providing innovative and regulated solutions for digital assets.
At press time, SOL traded at $132.
The featured image was created with DALL·E, a chart from TradingView.com
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