Canadian digital asset management company 3iQ announced today that it has applied to launch a Solana Fund on the Toronto Stock Exchange (TSX) with the ticker symbol “QSOL.” If approved for listing, it will become the first Solana Exchange Traded Product (ETP) in North America.
Background:
After the Securities and Exchange Commission (SEC) approved a Bitcoin spot ETF earlier this year and officially approved an Ethereum spot ETF application on October 24, the market has been anticipating which cryptocurrency will be the next lucky one to launch an ETF.
3iQ applies to issue SOL ETP and list on the Toronto Stock Exchange
Just this morning, Canadian digital asset management company 3iQ announced that it has applied to the country’s securities regulatory agency to issue a Solana Fund and plans to list it on the Toronto Stock Exchange (TSX) with the ticker symbol “QSOL.” If the fund is successfully approved for listing, it will become the first Solana Exchange Traded Product (ETP) in North America.
According to 3iQ’s statement, in addition to providing investors with a new channel to invest in SOL, the fund will also offer staking rewards on the Solana network. Canaccord Genuity is the underwriter of QSOL, with Tetra Trust and Coinbase Custody Trust Company serving as custodians.
3iQ will also use Coinbase Custody’s institutional staking infrastructure to support SOL staking in the Solana Fund. Currently, according to information from the Staking Rewards website, staking SOL can yield an annualized return of up to 7.12%.
Currently, 3iQ has already launched a Bitcoin fund (TSX: QBTC) and an Ethereum fund (TSX: QETH), becoming the first publicly traded Bitcoin and Ethereum funds in Canada, respectively. In addition, QETH and 3iQ Ethereum Staking ETF (TSX: ETHQ) became the first ETPs in North America to “stake” Ethereum in their investment strategies.
Market hopes are high for SOL to become the next cryptocurrency ETF
In its statement, 3iQ explained that it chose Solana as its next digital asset to issue an ETP because Solana is recognized as a strong competitor to Ethereum, with excellent transaction speed and scalability, and is the second largest smart contract platform in terms of market cap and trading volume in the long run.
Currently, Solana is the most discussed digital asset ETF in the market. Bernstein stated in a research report:
Additionally, Daniel Yan, Co-Founder of Matrixport, also stated:
Standard Chartered Bank predicts that Solana may be the next cryptocurrency to receive SEC approval for an ETF. This prediction is based on the technical similarities between Solana and Ethereum, which may make it difficult for the SEC to classify them differently.
William Quigley, Co-Founder of Tether and WAX, stated that after successfully launching a Bitcoin spot ETF, Solana may become the next popular ETF cryptocurrency. He pointed out:
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