3iQ Solana ETP is anticipated to debut in Canada

In anticipation of OSC approval, 3iQ intends to introduce the Solana Fund (QSOL), the first Solana ETP in North America.

3iQ, a Canadian crypto asset company, has submitted an application to establish a Solana Exchange-Traded Product (ETP) in Canada. This decision represents a substantial expansion of the investment opportunities available to Canadian investors in cryptocurrency.

Assuming it receives the green light from the OSC, Solana’s planned ETP, Solana Fund (QSOL), will be the company’s inaugural offering in the North American market. A listing on the Toronto Stock Exchange is imminent.

The objective of the 3iQ Solana ETP is to offer investors exposure to SOL, the native cryptocurrency of the Solana blockchain, thereby enabling them to capitalize on the network’s staking yields and price fluctuations. 3iQ’s Executive Vice President of Product and Head of Trading, Greg Benhaim, underscored the organization’s dedication to providing regulated investment vehicles that satisfy the most strict criteria.

According to Benhaim, “We are eager to continue our mission to provide regulated investment vehicles that meet the highest standards and collaborate with the best-in-class partners, enabling individual and institutional investors to access the crypto asset class in an efficient manner.” Additionally, he emphasized 3iQ’s history of innovation in digital assets, which includes the establishment of publicly traded Bitcoin and Ether funds in Canada.

The recent approvals of spot Ethereum ETFs in the United States have sparked a broader trend of increasing acceptability of cryptocurrency-based investment products. 3iQ’s decision is one example of this trend. Analysts perceive this as a potential catalyst for the increase in the global diversification of crypto ETF offerings.

The 3iQ Solana ETP also demonstrates the increasing interest in Solana’s potential, as investment firm VanEck had previously introduced a Solana ETN on the German stock exchange. VanEck analysts anticipate that Solana will enter the spot ETF market by 2024, and they anticipate a surge in comparable filings from asset managers.

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