Author: Brayden Lindrea, CoinTelegraph; Translated by: Deng Tong, Golden Finance
Digital asset manager 3iQ has applied to list its Solana exchange-traded product on Canada’s Toronto Stock Exchange (TSE) — a move the company claims would be a first in North America if approved.
“We have filed a preliminary prospectus in connection with the initial public offering of the Canadian Solana Fund (QSOL),” 3iQ said in a June 20 release on X .
If approved, this would be the first Solana ETP to be launched in North America, the company noted.
Source: 3iQ Digital Asset Management
3iQ noted that QSOL has filed a preliminary prospectus with securities regulators in all Canadian provinces and territories except Quebec.
QSOL will provide “exposure to the digital currency SOL” and “daily price changes of USD-priced SOL.”
Holders of the 3iQ Solana ETP can also earn interest on the native SOL staking yield, which the company 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.
The 3iQ Bitcoin ETF (BTCQ) and the 3iQ Ethereum Collateralized ETF (ETHQ) are 3iQ’s two main TSE-listed cryptocurrency products, with net assets of approximately $233 million and $38.7 million, respectively, according to Yahoo Finance data.
The company also offers a Bitcoin fund (QBTC) and an Ethereum fund (QETH).
Canada’s securities regulator approved the world’s first spot Bitcoin ETFs to launch in February 2021, with spot Ethereum products set to launch two months later.
“Canada launched spot bitcoin and spot ethereum ETFs before the U.S. launched futures ETFs for both assets,” noted Bloomberg ETF analyst James Seyffart.
Franklin Templeton and other U.S. asset managers have touted the Solana network in the past, but none have announced concrete plans to launch a spot Solana ETF in the country.
Seyffart noted that there are already more than $1 billion worth of Solana ETPs around the world, such as the 21Shares Solana Staking ETP and Europe’s ETC Group Physical Solana product.
Source: James Seyffart