3iq Digital Asset Management, a prominent investment fund manager in Canada specializing in digital assets, has made an exciting announcement. The company’s Solana Fund has taken a significant step towards becoming the first Solana (SOL) exchange-traded product (ETP) in North America. The fund has filed a preliminary prospectus for an initial public offering of Class A and Class F units with securities regulatory authorities across all Canadian provinces and territories, except Québec.
In addition, 3iq has applied to have the fund’s Class A units listed on the Toronto Stock Exchange (TSX) under the ticker symbol QSOL. The primary goal of the Solana Fund is to provide investors with exposure to SOL and the daily price movements of the cryptocurrency in US dollars. Furthermore, the fund aims to offer opportunities for long-term capital appreciation and generate staking yield through the Solana network.
3iq will play a crucial role as the investment manager and portfolio manager of QSOL. Canaccord Genuity will act as the agent for the offering, while Tetra Trust and Coinbase Custody Trust Company LLC will serve as custodians. To support SOL staking in the Solana Fund, 3iq will utilize Coinbase Custody’s institutional staking infrastructure.
This is not the first time 3iq has made waves in the digital asset space. The company previously launched the Bitcoin Fund (TSX: QBTC) and the Ether Fund (TSX: QETH), both of which were the first publicly traded bitcoin and ether funds in Canada, respectively. Additionally, 3iq pioneered the incorporation of staking ether into investment strategies with the introduction of QETH and the 3iq Ether Staking ETF (TSX: ETHQ), making them the first ETPs in North America to adopt this approach.
Meanwhile, in the United States, the Securities and Exchange Commission (SEC) has recently granted preliminary approval for eight spot ether exchange-traded funds (ETFs) through form 19b-4 filings. This development has sparked optimism among investors and industry observers, as it represents a significant step forward. However, the SEC still needs to approve the funds’ S-1 filings (registration statements) before they can officially launch. Many hope that this positive development will pave the way for the SEC to extend approval to other cryptocurrency ETFs, including those for solana and XRP.
What are your thoughts on 3iq Digital Asset Management’s groundbreaking efforts to launch a solana exchange-traded product? We invite you to share your opinions in the comments section below.
