- 3iQ Digital Asset Management has recently filed a preliminary prospectus for The Solana Fund (QSOL) with Canadian securities authorities, 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”.
- This move marks a groundbreaking milestone for 3iQ, which has a proven track record of pioneering digital asset investment solutions.
Discover the landmark steps 3iQ Digital Asset Management is taking to introduce the first Solana ETP in North America, promising new investment opportunities for both personal and institutional investors.
First Solana ETP In North America Submitted
3iQ Digital Asset Management has submitted its preliminary prospectus for The Solana Fund (QSOL) to securities regulatory authorities across Canada (excluding Quebec). This new offering will be the first Solana (SOL) exchange-traded product listed in North America, slated to trade under the ticker “QSOL” on the Toronto Stock Exchange (TSX).
3iQ’s Legacy of Digital Asset Innovation
With this prospective listing, 3iQ cements its role as a trailblazer in digital assets. Known for launching the first publicly traded Bitcoin and Ether funds in Canada, the firm is now setting its sights on Solana. The QSOL fund aims to deliver SOL exposure to investors, capturing its daily price movements in US dollars and long-term capital appreciation potential. Significantly, the fund will also benefit from Solana network’s staking yields, estimated at 6-8%.
Commitment to Regulatory Excellence
Executive Vice President of Product and Head of Trading at 3iQ, Greg Benhaim, highlighted the firm’s dedication to regulatory excellence and innovation in digital asset investment. “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,” said Benhaim. Partnering with Canaccord Genuity as the agent and Tetra Trust and Coinbase Custody Trust Company, LLC as custodians, QSOL will also utilize Coinbase Custody’s staking infrastructure to support SOL staking operations.
Strategic Significance for North American Markets
This launch represents a pivotal introduction of regulated digital asset investment vehicles for both individual and institutional investors. 3iQ’s QSOL is positioned to align with its mission to offer accessible crypto-asset investment options. Although this is the first Solana ETP prospectus filed in North America, Solana ETPs have already been successful internationally, such as the 21Shares Solana Staking ETP and the ETC Group Physical Solana product in Europe, which collectively represent over $1 billion in assets.
Canada’s Progressive Stance on Cryptocurrency ETFs
James Seyffart, a Bloomberg ETF analyst, underscored Canada’s progressive approach to cryptocurrency ETFs. “Canada had spot Bitcoin and spot Ethereum ETFs before the US even got futures ETFs for either asset,” Seyffart noted. While clarifying that QSOL is a Closed End Fund, akin to Grayscale’s trust products, he mentioned that Canadian closed-end funds have mechanisms to prevent discounts or premiums from becoming overly extreme. Seyffart added, “There is no guarantee that this thing will launch. It’s just been filed.”
3iQ’s Established Presence in Digital Asset Management
Founded in 2012, 3iQ has become a leading force in digital asset management, with an array of innovative products. The firm’s offerings include The Bitcoin Fund (TSX: QBTC) and The Ether Fund (TSX: QETH), along with the Bitcoin ETF (BTCQ) and Ether Staking ETF (ETHQ). These offerings underscore 3iQ’s commitment to providing regulated and innovative digital asset investment solutions.
Conclusion
As 3iQ continues to innovate in the digital asset investment space, the filing of the QSOL prospectus marks another significant step forward. If approved, this could pave the way for broader acceptance and more diverse investment opportunities in Solana and other digital assets within North America. Investors should keep an eye on regulatory approvals and market developments, as 3iQ sets yet another precedent in the cryptocurrency investment arena.
