3iQ, a digital asset manager, has officially filed for a listing of a Solana (SOL) exchange-traded product on Canada’s Toronto Stock Exchange (TSE), claiming it would be a first in North America if approved.
On June 20, 3iQ announced the submission of a preliminary prospectus for The Solana Fund (QSOL) in Canada for an initial public offering, potentially making it the pioneer Solana ETP to be listed in North America.
The filing for QSOL was made with securities regulatory authorities in all Canadian provinces and territories except Quebec, offering exposure to the digital currency SOL and tracking the daily price movements of the U.S. dollar-priced SOL.
If approved, holders of 3iQ’s Solana ETP could also earn interest from native SOL staking yields, estimated to be between 6-8%. Coinbase Custody and Tetra Trust would serve as custodians, with Coinbase Custody providing exclusive institutional staking infrastructure for the Solana fund.
3iQ already has successful cryptocurrency products listed on the TSE, including the 3iQ Bitcoin ETF (BTCQ) and the 3iQ Ether Staking ETF (ETHQ), with net assets of around $233 million and $38.7 million respectively, according to Yahoo Finance data. The firm also offers The Bitcoin Fund (QBTC) and The Ether Fund (QETH).
Canada made history by approving the world’s first spot Bitcoin (BTC) ETFs in February 2021, followed by spot Ether (ETH) products two months later, beating the US to the futures ETFs for both assets, as noted by Bloomberg ETF analyst James Seyffart.
While the Solana network has received praise from Franklin Templeton and other U.S. asset managers, no concrete plans for a spot Solana ETF in the country have been announced yet. However, over $1 billion worth of Solana ETPs are already available globally, including products like the 21Shares Solana Staking ETP and the ETC Group Physical Solana product in Europe.
Conor Daly, the Indy 500 driver for Polkadot, even joked about his father holding DOT, showcasing the growing interest and diversity in the cryptocurrency market.