3iQ is the first organization to file for registration of the Solana exchange-traded product (ETP) in Canada.
Canada is about to have its first Solana ETF.
3iQ Digital Asset Management has filed documents with the Ontario Securities Commission, offering to sell the first Solana ETP product in North America.
The proposed ETP, called Solana Fund, offers Canadian investors exposure to SOL without having to use hot wallets or other blockchain technology, similar to an ETF. The product also brings income from staking generated by the network.
If approved, the fund will be listed on the Toronto Stock Exchange, with the code QSOL.
Greg Benhaim, Executive Vice President of Trading Products at 3iQ, shared:
"As a pioneer in digital asset investment management, we look forward to continuing our mission of providing regulated investment vehicles that embody the highest standards and collaboration with leading partners - for individual and institutional investors to gain effective access to this crypto asset class."
Overall, the new product aims to provide holders with SOL's daily price fluctuations, long-term capital appreciation, and staking returns.
3iQ was one of the first fund managers to launch a publicly traded Bitcoin and Ethereum fund in Toronto.
Commenting on 3iQ's plans, Bloomberg ETF analyst Eric Balchunas was quite surprised that more asset managers did not file similar filings in the US. This could be a strategic move to position them in case there is a change in cryptocurrency regulations from the new administration.
