On Thursday, 3iQ Digital Asset Administration introduced the submitting of a preliminary prospectus for The Solana Fund (QSOL) with securities regulators throughout Canada, excluding Quebec. If permitted, QSOL would be the first exchange-traded product (ETP) of Solana (SOL) to be listed in North America and commerce on the Toronto Inventory Alternate (TSX) below the ticker “QSOL”.
The primary Solana ETP in North America is launched
This potential itemizing marks an vital milestone for 3iQ, a worldwide chief in digital asset funding options. The agency has a stable historical past of firsts within the digital asset sector, together with the launch of Canada’s first public Bitcoin and Ether funds.
QSOL goals to supply traders entry to the SOL digital forex, every day SOL value change in USD and the chance for long-term capital appreciation. As well as, the fund will use the speed yield from the Solana community, which is estimated to be 6-8%.
Greg Benheim, govt vice chairman of product and head of commerce at 3iQ, emphasised the corporate’s dedication to innovation and regulatory compliance: “3iQ is dedicated to setting a worldwide normal of excellence, and we’re proud to work carefully with the OSC to responsibly elevate the digital funding panorama belongings in Canada.”
3iQ is performing with Canaccord Genuity because the providing agent, and Tetra Belief and Coinbase Custody Belief Firm, LLC will act as custodians. The fund may even use Coinbase Custody’s institutional staking infrastructure, which is vital to supporting SOL staking.
The launch of QSOL is anticipated to be a regulated funding car of the very best requirements, each for particular person and institutional traders. This improvement is consistent with 3iQ’s mission to offer inexpensive funding choices in crypto-assets.
Though this can be a first for North America, ETP Solana has already made its mark all over the world. Merchandise such because the 21Shares Solana Staking ETP and ETC Group’s Bodily Solana product in Europe account for greater than $1 billion in belongings. The approval and subsequent success of QSOL may pave the way in which for additional Solana-based funding merchandise in North America.
Bloomberg ETF analyst James Seyfarth famous the significance of Canada’s progressive stance on cryptocurrency ETFs: “Canada had spot bitcoin and spot Ethereum ETFs earlier than the US even had futures ETFs for both asset.”
Nevertheless, Seyfarth additionally emphasised that it isn’t an exchange-traded fund (ETF), saying: “I used to be fallacious. It is a closed fund. So it could be extra like considered one of Grayscale’s belief merchandise. Besides that Canadian closed-end funds have mechanisms to forestall reductions or premiums from being too excessive. 3iQ did this with a Bitcoin fund in 2019 earlier than launching an ETF. There’s additionally no assure that this factor will run. Simply filed.”
Based in 2012, 3iQ has established itself as a pioneer in digital asset administration. The corporate gives various funding merchandise, together with The Bitcoin Fund (TSX: QBTC ) and The Ether Fund (TSX: QETH ), with important internet belongings. Bitcoin ETF (BTCQ) and Ether Staking ETF (ETHQ) are amongst its flagship merchandise, reflecting the agency’s dedication to offering modern and controlled digital asset options.
At press time, SOL was buying and selling at $132.
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