Fund institution 3iQ has applied for the first Solana exchange-traded product in North America. In fact, excluding the United States, the total assets of Solana ETP worldwide have exceeded US$1 billion.

The first Solana ETP in North America "QSOL"

3iQ Digital Asset Management, a Canadian digital asset investment fund management company, has applied for North America’s first Solana exchange-traded product (ETP). The fund’s stock code is QSOL and will be listed on the Toronto Stock Exchange.

The fund aims to provide holders with SOL’s daily price fluctuations, long-term capital appreciation and staking returns.

Greg Benhaim, executive vice president of products and head of trading at 3iQ, said:

We look forward to continuing to fulfill our mission of providing regulated investment vehicles that meet the highest standards and work with top partners to allow individual and institutional investors to efficiently access the crypto asset class.

Closer to grayscale products

Bloomberg ETF analyst James Seyffart tweeted that this is a closed-end fund and therefore more similar to a grayscale trust product.

3iQ has also used this model before, taking the lead in launching the first publicly traded Bitcoin and Ethereum funds in Canada, but there is still no guarantee that QSOL can be successfully launched.

In fact, excluding the United States, the total assets of Solana ETP worldwide have exceeded $1 billion.

Global Solana ETP Comment: US players should actively apply

The well-known investment management company VanEck has always been optimistic about the potential of Solana. As shown above, it has launched a Solana ETN on the German Stock Exchange Deutsche Börse as early as 2021.

VanEck analysts Matthew Sigel and Patrick Bush had previously predicted that the Solana spot ETF would see a wave of applications this year, driven by a large number of asset management companies submitting applications.

Regarding 3iQ’s move, Bloomberg ETF analyst Eric Balchunas commented:

It’s interesting and a bit surprising that we don’t see more attempts like this in the US, it’s like a call option in case Trump does win and the SEC chairman is instructed to support cryptocurrencies when “but this generation The counterargument that “the currency has no futures” is no longer important, and applicants will be ranked first.

Eric Balchunas comments

However, Cboe, an exchange that lists a number of Bitcoin spot ETFs, its vice president in charge of ETF listing, Rob Marrocco, pointed out in early June that SOL and XRP spot ETFs are impossible to achieve in the short term, and emphasized that the futures market is Bitcoin. Main factors for currency ETF approval.

(Cboe exchange executive: Solana ETF is unlikely to appear in the short term)

This article 3iQ applied for the first Solana ETP in Canada, code "QSOL" first appeared on Lian News ABMedia.