3iQ, a digital asset manager, has taken a groundbreaking step by filing for a listing of a Solana (SOL) exchange-traded product on Canada’s Toronto Stock Exchange (TSE) – a first for North America if approved, according to the company.
On June 20, 3iQ announced that they have submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada for an initial public offering. If the listing is approved, it would mark the first Solana ETP to be listed in North America, a significant milestone for the firm.
QSOL has been filed on a preliminary prospectus with securities regulatory authorities in all Canadian provinces and territories except Quebec, as mentioned by 3iQ. The product would provide exposure to the digital currency SOL and track the daily price movements of the U.S. dollar price of SOL.
Holders of 3iQ’s Solana ETP may potentially earn interest from native SOL staking yields, estimated to be around 6-8%. The custody of the assets would be handled by Coinbase Custody and Tetra Trust, with Coinbase Custody providing exclusive institutional staking infrastructure for the Solana fund.
3iQ’s other cryptocurrency products listed on the TSE include the 3iQ Bitcoin ETF (BTCQ) and 3iQ Ether Staking ETF (ETHQ), with net assets of approximately $233 million and $38.7 million respectively, according to Yahoo Finance data. The firm also offers The Bitcoin Fund (QBTC) and The Ether Fund (QETH).
Canadian securities regulators approved the world’s first spot Bitcoin (BTC) ETFs to launch in February 2021, followed by spot Ether (ETH) products two months later, establishing Canada as a leader in the cryptocurrency ETF market.
Although the Solana network has received praise from U.S. asset managers like Franklin Templeton in the past, there are currently no concrete plans to introduce a spot Solana ETF in the country. Seyffart pointed out that more than $1 billion worth of Solana ETPs are already being offered globally, including products like the 21Shares Solana Staking ETP and the ETC Group Physical Solana product in Europe.
The innovative move by 3iQ to list a Solana ETP on the TSE represents a significant development in the digital asset market, showcasing the growing interest in alternative investment opportunities like Solana.