This filing aims to initiate the first Solana exchange-traded product (ETP) in North America. The Solana Fund plans to list its Class A units on the Toronto Stock Exchange (TSX) under the ticker “QSOL.”
3iQ Plans Canada's First Solana ETF
The Solana Fund's objectives include providing exposure to Solana (SOL), tracking its daily price movements against the US dollar, offering long-term capital appreciation, and generating staking yield through Solana's network. 3iQ will manage the investment and portfolio for QSOL, leveraging Coinbase Custody's institutional staking infrastructure.
3iQ has a track record of pioneering digital asset funds, having launched The Bitcoin Fund (TSX: QBTC) and The Ether Fund (TSX: QETH), the first publicly traded Bitcoin and Ethereum funds in Canada. Additionally, QETH and the 3iQ Ether Staking ETF (TSX: ETHQ) were the first in North America to incorporate ether staking into their strategies.
Greg Benhaim, Executive Vice President of Product and Head of Trading at 3iQ, highlighted the company's commitment to setting global standards in digital asset investment.
“We're proud to work closely with the OSC to responsibly enhance the digital asset investment landscape in Canada. As pioneers in digital asset investment management, we aim to deliver regulated investment vehicles that embody the highest standards for individual and institutional investors,” Benhaim said.
SOL, the native asset of the Solana blockchain, is known for its high transaction speeds and scalability, making it a strong contender in the decentralized finance (DeFi) space. Since its launch in 2020, Solana has grown significantly, becoming the second-largest smart contract platform by market capitalization and trading volume, making it a logical choice for 3iQ's new ETP.
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