Crypto investors, rejoice! The ETF market is heating up, and this time it’s Solana’s turn in the spotlight.
Digital asset manager 3iQ has filed for a Solana (SOL) exchange-traded product (ETP) listing on Canada’s Toronto Stock Exchange (TSE). This could be the first Solana ETP in North America, offering exposure to SOL’s daily price movements and staking yields.
Read on to find out everything you need to know about this potential game-changer.
On June 20, 3iQ announced that it had submitted a preliminary prospectus for The Solana Fund (QSOL) to regulatory authorities across Canadian provinces and territories, except Quebec. If approved, QSOL would be the first Solana ETP listed in North America.
QSOL aims to give investors exposure to SOL’s price and potential staking yields, estimated between 6-8%. The fund will use Coinbase Custody and Tetra Trust as custodians, with Coinbase providing institutional staking infrastructure.
3iQ’s Success with Crypto ETFs
3iQ already lists the Bitcoin ETF (BTCQ) and Ether Staking ETF (ETHQ) on the TSE, managing about $233 million and $38.7 million in net assets, respectively. The firm also offers The Bitcoin Fund (QBTC) and The Ether Fund (QETH), highlighting its strong presence in the crypto ETF market.
Canadian regulators have been pioneers in crypto ETF approvals. They approved the world’s first spot Bitcoin ETFs in February 2021, followed by spot Ether ETFs two months later. Bloomberg ETF analyst James Seyffart pointed out that Canada had spot Bitcoin and Ethereum ETFs before the U.S. introduced futures ETFs for these assets.
Globally, over $1 billion worth of Solana ETPs already exist, including the 21Shares Solana Staking ETP and ETC Group’s Physical Solana product in Europe. However, no U.S. firms have announced plans for a spot Solana ETF.
3iQ’s filing for a Solana ETP on the Toronto Stock Exchange highlights the growing interest in cryptocurrency ETFs. ARK Invest CEO Cathie Wood is optimistic about a Solana ETF in the U.S., following Ethereum ETF approvals. Ripple CEO Brad Garlinghouse also expects ETFs for cryptocurrencies like Solana. However, Rob Marrocco of Cboe is skeptical about the near-term feasibility due to the lack of a futures market for Solana.
3iQ’s filing for a Solana ETP on the Toronto Stock Exchange marks a significant step toward expanding cryptocurrency investment products in North America. If approved, this product will give investors direct exposure to Solana’s price movements and staking opportunities, reflecting the growing interest and innovation in the crypto ETF space.
At the time of writing, Solana (SOL) is trading at $134.07, down marginally by 0.08% in the last 24 hours.
Also Read: CFTC Launches Investigation Into Jump Trading As Crypto Scrutiny Rises
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