Digital asset manager 3iQ has filed for a Solana (SOL) exchange-traded product listing on Canada’s Toronto Stock Exchange (TSE) — a North American first if approved, the firm claims.
“We have submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada in relation to an initial public offering,” 3iQ posted to X on June 20.
If approved, it would be the first Solana ETP listed in North America, the firm noted.
QSOL was filed on a preliminary prospectus with securities regulatory authorities in all Canadian provinces and territories except Quebec, 3iQ noted.
QSOL would offer “exposure to the digital currency SOL” and the “daily price movements of the U.S. dollar price SOL.”
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Holders of 3iQ’s Solana ETP may also accrue interest from native SOL staking yields, which the firm estimates to be around 6-8%.
Coinbase Custody and Tetra Trust would serve as custodians while Coinbase Custody would provide exclusive institutional staking infrastructure for the Solana fund.
The 3iQ Bitcoin ETF (BTCQ) and 3iQ Ether Staking ETF (ETHQ) are two of 3iQ’s main cryptocurrency products listed on the TSE, which boast about $233 million and $38.7 million in net assets, respectively, Yahoo Finance data shows.
The firm also offers The Bitcoin Fund (QBTC) and The Ether Fund (QETH).
Canadian securities regulators approved the world’s first spot Bitcoin (BTC) ETFs to launch in February 2021, with spot Ether (ETH) products coming two months later.
“Canada had spot Bitcoin and spot Ethereum ETFs before the US even got futures ETFs for either asset,” Bloomberg ETF analyst James Seyffart noted.
Franklin Templeton and other U.S. asset managers have praised the Solana network in the past but no firm has announced concrete plans to pursue a spot Solana ETF in the country.
More than $1 billion worth of Solana ETPs are already offered around the world, such as the 21Shares Solana Staking ETP and the ETC Group Physical Solana product in Europe, Seyffart pointed out.
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