On
Thursday,
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”.

First
Solana
ETP
In
North
America
Submitted

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,
the
daily
price
movements
of
SOL
in
US
dollars,
and
the
opportunity
for
long-term
capital
appreciation.
Additionally,
the
fund
will
leverage
staking
yields
from
the
Solana
network,
estimated
to
range
between
6-8%.

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,
while
Tetra
Trust
and
Coinbase
Custody
Trust
Company,
LLC
will
serve
as
custodians.
The
fund
will
also
utilize
Coinbase
Custody’s
institutional
staking
infrastructure,
which
is
crucial
for
supporting
SOL
staking.

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.

 

While
this
is
a
first
for
North
America,
Solana
ETPs
have
already
made
their
mark
globally.
Products
like
the
21Shares
Solana
Staking
ETP
and
the
ETC
Group
Physical
Solana
product
in
Europe
represent
over
$1
billion
in
assets.
The
approval
and
subsequent
success
of
QSOL
could
pave
the
way
for
further
Solana-based
investment
products
in
North
America.

James
Seyffart,
Bloomberg
ETF
analyst,

noted
the
significance
of
Canada’s
progressive
stance
on
cryptocurrency
ETFs:
“Canada
had
spot
Bitcoin
and
spot
Ethereum
ETFs
before
the
US
even
got
futures
ETFs
for
either
asset.”

However,
Seyffart
also
emphasized
that
this

isn’t
an
Exchange
Traded
Fund
(ETF),
stating,
“I
was
wrong.
This
is
a
Closed
End
Fund.
So
it
would
be
more
similar
to
one
of
the

Grayscale
trust
products.
Except
Canada’s
closed
end
funds
have
mechanisms
to
prevent
the
discounts
or
premiums
from
getting
too
extreme.
3iQ
did
this
with
a
Bitcoin
fund
in
2019
before
launching
ETFs
There
is
also
no
guarantee
that
this
thing
will
launch.
It’s
just
been
filed.”

 

Founded
in
2012,
3iQ
has
established
itself
as
a
pioneering
force
in
digital
asset
management.
The
company
offers
a
range
of
investment
products,
including
The

Bitcoin
Fund
(TSX:
QBTC)
and
The
Ether
Fund
(TSX:
QETH),
with
substantial
net
assets.
The
Bitcoin
ETF
(BTCQ)
and
the
Ether
Staking
ETF
(ETHQ)
are
among
its
flagship
products,
reflecting
the
firm’s
dedication
to
providing
innovative
and
regulated
digital
asset
solutions.

At
press
time,
SOL
traded
at
$132.

Featured
image
created
with
DALL·E,
chart
from
TradingView.com

Go to Source
Author: Jake Simmons

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