3iQ Digital Asset Management Submits First Solana ETP in North America
3iQ Digital Asset Management announced the filing of a preliminary prospectus for The Solana Fund (QSOL) with securities regulatory authorities across Canada, excluding Quebec. If approved, QSOL will become the first Solana (SOL) exchange-traded product (ETP) listed in North America, trading on the Toronto Stock Exchange (TSX) under the ticker “QSOL”.
Significant Milestone for 3iQ
This prospective listing marks a significant milestone for 3iQ, a global leader in digital asset investment solutions. The firm has a robust history of firsts in the digital asset sector, including launching the first publicly traded Bitcoin and Ether funds in Canada.
- QSOL aims to offer investors exposure to the digital currency SOL and the daily price movements of SOL in US dollars.
- The fund will provide the opportunity for long-term capital appreciation and leverage staking yields from the Solana network, estimated to range between 6-8%.
Commitment to Innovation and Regulatory Compliance
Greg Benhaim, Executive Vice President of Product and Head of Trading at 3iQ, emphasized the company’s commitment to innovation and regulatory compliance: “3iQ seeks to set a global standard of excellence and we’re proud to work closely with the OSC to responsibly enhance the digital asset investment landscape in Canada.”
- 3iQ has partnered with Canaccord Genuity as the agent for the offering, with Tetra Trust and Coinbase Custody Trust Company, LLC serving as custodians.
- The fund will utilize Coinbase Custody’s institutional staking infrastructure to support SOL staking.
Regulated Investment Vehicle
The launch of QSOL is anticipated to provide a regulated investment vehicle embodying the highest standards for both individual and institutional investors. This development aligns with 3iQ’s mission to deliver accessible crypto asset investment options.
- Solana ETPs have already made their mark globally, with products like the 21Shares Solana Staking ETP and the ETC Group Physical Solana product in Europe representing over $1 billion in assets.
- Approval and success of QSOL could pave the way for further Solana-based investment products in North America.
Canadian Progressive Stance on Cryptocurrency ETFs
Bloomberg ETF analyst James Seyffart noted the significance of Canada’s progressive stance on cryptocurrency ETFs, highlighting the prevalence of spot Bitcoin and Ethereum ETFs in Canada compared to the US.
- QSOL isn’t an Exchange Traded Fund (ETF) but a Closed End Fund similar to Grayscale trust products with mechanisms to prevent extreme discounts or premiums.
- 3iQ has filed for QSOL, but there is no guarantee of its launch.
3iQ’s Digital Asset Management Legacy
Founded in 2012, 3iQ has established itself as a pioneering force in digital asset management, offering investment products like The Bitcoin Fund (TSX: QBTC) and The Ether Fund (TSX: QETH).
- The company’s dedication to providing innovative and regulated digital asset solutions is reflected in flagship products like the Bitcoin ETF (BTCQ) and the Ether Staking ETF (ETHQ).
- Current SOL trading price is $132.
Hot Take: The Future of Solana ETPs
3iQ’s filing of the preliminary prospectus for The Solana Fund (QSOL) represents a new phase in the evolution of Solana exchange-traded products in North America. If approved, QSOL will provide investors with unique opportunities for exposure to SOL and the potential for long-term growth.
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