3iQ Solana ETP Expected to Make its First Appearance in Canada

Key Points:

• 3iQ seeks to launch North America’s first Solana ETP, the Solana Fund (QSOL), pending OSC approval.
• The 3iQ Solana ETP aims to offer Canadian investors access to SOL’s price movements and staking yields.

Canadian crypto asset company 3iQ has applied to launch a Solana Exchange-Traded Product (ETP) in Canada, marking a significant move in expanding cryptocurrency investment options for Canadian investors.

3iQ Solana ETP Proposed to Launch in Canada

The proposed ETP, named Solana Fund (QSOL), will be the first of its kind for Solana in North America if approved by the Ontario Securities Commission (OSC). It is set to be listed on the Toronto Stock Exchange.

The 3iQ Solana ETP aims to provide investors with exposure to SOL, the native cryptocurrency of the Solana blockchain, allowing them to benefit from its price movements and staking yields generated by the network. Greg Benhaim, Executive Vice President of Product and Head of Trading at 3iQ, emphasized the company’s commitment to delivering regulated investment vehicles that meet the highest standards.

“We look forward to continuing our mission to deliver regulated investment vehicles — embodying the highest standards and working with best-in-class partners — for individual and institutional investors to efficiently access the crypto asset class,” stated Benhaim. He also highlighted 3iQ’s track record in digital asset innovation, including pioneering publicly traded Bitcoin and Ether funds in Canada.

Potential Impact on Crypto Investment Landscape

The move by 3iQ comes amid a broader trend of increasing acceptance of cryptocurrency-based investment products, following recent approvals of spot Ethereum ETFs in the U.S. Analysts see this as a potential catalyst for further diversification in crypto ETF offerings globally.

The 3iQ Solana ETP also reflects growing interest in Solana’s potential, with investment firm VanEck having previously launched a Solana ETN on the German stock exchange. Analysts from VanEck anticipate Solana‘s entry into the spot ETF market by 2024, expecting a wave of similar filings from asset managers.