Digital asset manager 3iQ has filed for a Solana exchange-traded product (ETP) listing on Canada’s Toronto Stock Exchange (TSE), which, if approved, would be a first in North America, according to the company.
“We have submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada in relation to an initial public offering,” 3iQ announced on X on June 20.
If approved, it would be the first Solana ETP listed in North America, the firm emphasized.
The preliminary prospectus for QSOL has been filed with securities regulatory authorities in all Canadian provinces and territories, excluding Quebec, 3iQ stated.
QSOL aims to provide “exposure to the digital currency SOL” and track the “daily price movements of the U.S. dollar price SOL.”
Additionally, holders of 3iQ’s Solana ETP might earn interest from native SOL staking yields, which the firm estimates to be around 6-8%.
Coinbase Custody and Tetra Trust will serve as custodians, with Coinbase Custody providing exclusive institutional staking infrastructure for the Solana fund.
3iQ’s key cryptocurrency products on the TSE include the 3iQ Bitcoin ETF (BTCQ) and 3iQ Ether Staking ETF (ETHQ), which have approximately $233 million and $38.7 million in net assets, respectively, according to Yahoo Finance data.
The firm also offers The Bitcoin Fund (QBTC) and The Ether Fund (QETH).
Canadian securities regulators approved the world’s first spot Bitcoin ETFs, which launched in February 2021, followed by spot Ether products two months later.
“Canada had spot Bitcoin and spot Ethereum ETFs before the US even got futures ETFs for either asset,” noted Bloomberg ETF analyst James Seyffart.
While firms like Franklin Templeton and other U.S. asset managers have praised the Solana network, none have announced plans to pursue a spot Solana ETF in the U.S.
Globally, more than $1 billion worth of Solana ETPs are already available, including the 21Shares Solana Staking ETP and the ETC Group Physical Solana product in Europe, as highlighted by Seyffart.
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