Canadian asset manager 3iQ has made a significant announcement by filing a prospectus to list a Solana exchange-traded product (ETP) in Toronto. This move marks the first publicly traded Solana ETP in North America, pending approval from the Ontario Securities Commission.
According to Greg Benhaim, Executive Vice President of Product and Head of Trading at 3iQ, the company aims to uphold a global standard of excellence while working closely with the OSC to enhance the digital asset investment landscape in Canada. The Solana Fund, if approved, will be traded under the ticker QSOL on the Toronto Stock Exchange (TSX).
In addition to providing exposure to the price movements of SOL, the Solana ETP will also offer exposure to staking yield generated by the network. This innovative approach aligns with 3iQ’s commitment to pioneering digital asset investment management and delivering regulated investment vehicles for both individual and institutional investors.
Christopher Matta, a Strategic Advisor to 3iQ, highlighted the goal of maintaining Canada as an innovation hub through the launch of the Solana ETP. Similar to 3iQ’s Ether ETPs, the Solana ETP will feature staking enabled, allowing investors to benefit from the yield generated by the network.
3iQ’s history of innovation in digital asset investment management includes being one of the first fund managers to list a Bitcoin fund on the TSX and launching a publicly listed Ether fund in Toronto. The company’s dedication to upholding the highest standards and collaborating with best-in-class partners underscores its mission to provide efficient access to the growing crypto asset class.
Despite the announcement, the price of SOL experienced a modest decline over the past 24 hours, as reported by CoinDesk Indices. This development showcases the dynamic nature of the digital asset market and the influence of industry news on price movements.
As 3iQ continues to push the envelope in digital asset investment, the launch of the Solana ETP represents a significant milestone in expanding investment opportunities for Canadians. With a focus on regulatory compliance, innovation, and investor accessibility, 3iQ’s initiative sets a precedent for future developments in the digital asset landscape.