Canadian Digital Asset Manager 3iQ Files Preliminary Prospects for First Solana ETP
With Bitcoin and Ethereum spot Exchange-traded funds (ETFs) on the plate, Solana could be the next in line with what this Toronto-based crypto fund is planning.
3iQ, a digital asset fund manager, has filed for a Solana (SOL) exchange-traded product (ETP) Toronto Stock Exchange (TSE). The company has submitted a preliminary prospectus for the fund dubbed – QSOL.
The company wrote that if the fund receives regulatory approval, it would become the first SOL ETP to be listed in North America.
3iQ Corp. is pleased to announce that we have submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada in relation to an initial public offering.
This continues our track record of innovation, and if receipt of applicable regulatory approvals is obtained, the… pic.twitter.com/7ghv05f8gU
— 3iQ Digital Asset Management (@3iq_corp) June 20, 2024
Further, the Solana ETP is aimed to offer exposure to the altcoin and track the daily price moments of SOL/USD. The fund will also provide opportunity for long-term capital appreciation, along with network-generated staking yield, 3iQ press release noted.
3iQ launched both Bitcoin and Ethereum funds, which became the first publicly-traded crypto funds in Canada.
According to 3iQ, Solana has impressive transaction speeds and scalability, and is often seen as the next in-line after Ethereum.
Additionally, Solana has been attracting developers and users with its “proof-of-stake consensus mechanism,” 3iQ wrote. It is also the second-largest smart contract platform by trading volume and market cap, thus opening doors for possible exploration of SOL ETP.
Solana is the fifth-largest crypto after Bitcoin (BTC), Ether (ETH), dollar-pegged Tether (USDT) and Binance Coin (BNB). It has a market cap of
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