3iQ files for new ETP in Canada signaling the development of Solana ETF

Digital asset manager 3iQ has initiated the process of listing a Solana (SOL) exchange-traded product (ETP) on the Toronto Stock Exchange (TSE) in Canada. If approved, this would be the first Solana ETP listed in North America, according to the firm. The preliminary prospectus for The Solana Fund (QSOL) has been filed with securities regulatory authorities in all Canadian provinces and territories except Quebec. QSOL would provide investors with exposure to the digital currency SOL and the daily price movements of SOL priced in US dollars. Holders of 3iQ’s Solana ETP would also have the opportunity to earn interest from native SOL staking yields, estimated to be around 6-8%. The custodians for the Solana fund would be Coinbase Custody and Tetra Trust, with Coinbase Custody also providing the exclusive institutional staking infrastructure. 3iQ’s other main cryptocurrency products listed on the TSE are the Bitcoin ETF (BTCQ) and the Ether Staking ETF (ETHQ), with net assets of approximately $233 million and $38.7 million, respectively. In Canada, spot Bitcoin and spot Ethereum ETFs were approved by securities regulators earlier this year, making them the first of their kind in the world. While the Solana network has been praised by asset managers in the US, there have been no concrete plans announced for a spot Solana ETF in the country. However, there are already over $1 billion worth of Solana ETPs available globally.