On Thursday, 3iQ Digital Asset Administration introduced the submitting of a preliminary prospectus for the Solana Fund (QSOL) with securities regulators in Canada (excluding Quebec). If authorized, QSOL would be the first Solana (SOL) exchange-traded product (ETP) listed in North America, buying and selling on the Toronto Inventory Trade (TSX) below the ticker image “QSOL.”
North America’s first Solana ETP has been submitted
This anticipated itemizing marks an vital milestone for 3iQ, a world chief in digital asset funding options. The corporate has a protracted historical past of firsts within the digital asset area, together with launching the primary publicly traded Bitcoin and Ethereum funds in Canada.
QSOL goals to offer buyers with alternatives for each day worth modifications within the digital foreign money SOL, SOL USD, and long-term capital appreciation. Moreover, the fund will leverage the Solana community’s staking yield, which is estimated to be between 6-8%.
Greg Benhaim, govt vp of merchandise and head of buying and selling at 3iQ, emphasised the corporate’s dedication to innovation and regulatory compliance: “3iQ is dedicated to setting the worldwide customary of excellence, and we’re proud to work carefully with the OSC to responsibly advance Canada’s digital property. funding sample.
3iQ is partnering with Canaccord Genuity as agent for the providing, whereas Tetra Belief and Coinbase Custody Belief Firm, LLC will function custodians. The fund may also leverage Coinbase Custody’s institutional staking infrastructure, which is vital to supporting SOL staking.
The launch of QSOL is anticipated to offer particular person and institutional buyers with a regulated funding automobile that displays the best requirements. This growth is according to 3iQ’s mission to offer simply accessible crypto asset funding choices.
Whereas this can be a first for North America, Solana ETP is already making a reputation for itself all over the world. Merchandise resembling Europe’s 21Shares Solana Stake ETP and ETC Group Bodily Solana merchandise characterize over $1 billion in property. QSOL’s approval and subsequent success may pave the best way for additional launches of Solana-based funding merchandise in North America.
Bloomberg ETF analyst James Seyffart famous the significance of Canada’s progressive stance on cryptocurrency ETFs: “Canada already had spot Bitcoin and spot Ethereum ETFs earlier than the U.S. received futures ETFs for these two property.”
Nonetheless, Seyffart additionally emphasised that this was not an exchange-traded fund (ETF), saying: “I used to be incorrect. It is a closed-end fund. So it’s extra just like one of many grayscale belief merchandise. However Canadian closed-end funds have stop The low cost or premium is simply too excessive. 3iQ did this with the Bitcoin fund earlier than launching the ETF in 2019, and there’s no assure that this factor shall be launched simply now.
Based in 2012, 3iQ has grow to be a pioneer in digital asset administration. The corporate gives a spread of funding merchandise, together with a Bitcoin Fund (TSX: QBTC) and an Ethereum Fund (TSX: QETH), and has important internet property. The Bitcoin ETF (BTCQ) and Ethereum Stake ETF (ETHQ) are its flagship merchandise, reflecting the corporate’s dedication to offering progressive and controlled digital asset options.
At press time, SOL was buying and selling at $132.
Featured picture created with DALL·E, chart from TradingView.com
