3iQ's Proposed Solana ETF Seeks to Become TSX's First North American Approved ETF

Fund manager 3iQ has applied to list the Solana ETF (exchange-traded fund) on Canada’s Toronto Stock Exchange (TSE), which could become the first such product to be approved in North America.

“We have filed a preliminary prospectus for the initial public offering of the Solana Fund (QSOL) in Canada,” 3iQ said in a June 20 post.

3iQ’s Solana ETF has filed preliminary prospectuses with securities regulators in all Canadian provinces and territories except Quebec, according to the asset manager.

If approved, QSOL will provide investors with “exposure” to Solana’s native token, SOL, and will track “day-to-day fluctuations in the price of the U.S. dollar.”

QSOL holders can also accumulate interest from staking yield opportunities within the Solana ecosystem. 3iQ estimates that this interest rate could be between 6% and 8%.

To custody funds, 3iQ will utilize Coinbase Custody and Tetra Trust. Coinbase Custody will also provide exclusive institutional staking infrastructure to QSOL.

QSOL is not the first cryptocurrency-focused fund launched by 3iQ. The digital asset management company already has several cryptocurrency ETFs.

According to Yahoo Finance data, 3iQ's largest digital asset funds listed on the Toronto Stock Exchange are the 3iQ Bitcoin ETF (BTCQ) and the 3iQ Ethereum Collateral ETF (ETHQ). BTCQ currently holds about $233 million, while ETHQ has attracted $38.7 million in investment. 3iQ also has a Bitcoin fund (QBTC) and an Ethereum fund (QETH).

The asset manager launched all of its funds after Canada’s securities regulator approved the launch of the world’s first spot Bitcoin ETF in early 2021.

Two months later, a similar product for Ethereum was launched. This happened nearly three years before the US approved and launched a spot Bitcoin ETF.

“Canada launched spot Bitcoin and Ethereum ETFs before the U.S. got futures ETFs on either asset,” Bloomberg ETF analyst James Seft noted in a post yesterday.

Related articles:
Cryptocurrencies based on Base Charts surge 17%, with FLOWER, POV and BERF leading the way
PAX Gold Price Prediction Today, June 20 – PAXG Technical Analysis
Best Altcoins to Invest in: Top Picks for Highest Returns Revealed!
PlayDoge (PLAY) - The latest ICO on BNB chain
Rating
2D Virtual Doge Pet
Play to earn MemeCoin Fusion
Staking and In-Game Token Rewards
SolidProof Audit - playdoge.io

Participate in pre-sale

Join our Telegram channel for the latest breaking news coverage