Thursday, 3iQ Digital Asset Administration declare Submitting of a preliminary prospectus for the Solana Funds (QSOL) with the securities regulatory authorities in Canada (apart from the Province of Quebec). If accepted, QSOL would be the first Solana (SOL) exchange-traded product (ETP) listed in North America, buying and selling on the Toronto Inventory Trade (TSX) below the ticker image “QSOL.”
North America’s first Solana ETP has been submitted
This anticipated itemizing marks an essential milestone for 3iQ, a worldwide chief in digital asset funding options. The corporate has a protracted historical past of firsts within the digital asset house, together with launching the primary publicly traded Bitcoin and Ethereum funds in Canada.
QSOL goals to supply buyers with alternatives for each day worth modifications within the digital forex SOL, SOL USD, and long-term capital appreciation. Moreover, the fund will leverage the Solana community’s staking yield, which is estimated to be between 6-8%.
Greg Benhaim, government vp of merchandise and head of buying and selling at 3iQ, emphasised the corporate’s dedication to innovation and regulatory compliance: “3iQ is dedicated to setting the worldwide commonplace of excellence, and we’re proud to work carefully with the OSC to responsibly advance Canada’s digital belongings. funding sample.
3iQ is partnering with Canaccord Genuity as agent for the providing, whereas Tetra Belief and Coinbase Custody Belief Firm, LLC will function custodians. The fund may also leverage Coinbase Custody’s institutional staking infrastructure, which is crucial to supporting SOL staking.
The launch of QSOL is anticipated to supply particular person and institutional buyers with a regulated funding automobile that displays the very best requirements. This growth is according to 3iQ’s mission to supply simply accessible crypto asset funding choices.
Whereas this can be a first for North America, Solana ETP is already making a reputation for itself around the globe. Merchandise reminiscent of Europe’s 21Shares Solana Stake ETP and ETC Group Bodily Solana merchandise characterize over $1 billion in belongings. QSOL’s approval and subsequent success might pave the way in which for additional launches of Solana-based funding merchandise in North America.
James Seyffart, Bloomberg ETF analyst, famous The significance of Canada’s progressive stance on cryptocurrency ETFs: “Earlier than the U.S. received spot ETFs for Bitcoin and Ethereum, Canada already had futures ETFs for each belongings.”
Nevertheless, Seyffart additionally emphasised that this Not an exchange-traded fund (ETF)and stated: “I used to be incorrect. It is a closed-end fund. So it might be extra like a kind of Grayscale trust products. However Canadian closed-end funds have mechanisms in place to forestall reductions or premiums from being too excessive. 3iQ did this with a Bitcoin fund earlier than launching an ETF in 2019, and there’s no assure that this factor might be launched. The case has simply been filed.
Based in 2012, 3iQ has turn into a pioneer in digital asset administration. The corporate presents a variety of funding merchandise together with Bitcoin Fund (TSX: QBTC) and the Ethereum Fund (TSX: QETH), which has a big internet value. The Bitcoin ETF (BTCQ) and Ethereum Stake ETF (ETHQ) are its flagship merchandise, reflecting the corporate’s dedication to offering revolutionary and controlled digital asset options.
At press time, SOL was buying and selling at $132.
Featured picture created with DALL·E, chart from TradingView.com
