Published on juni 21, 2024, 12:38 am
Image source: Fox News
```json [ { "TLDR": "3iQ has filed for a listing of a Solana (SOL) exchange-traded product called The Solana Fund (QSOL) on Canada's Toronto Stock Exchange, aiming to offer investors exposure to SOL and potential staking yields. If approved, this would be North America's first Solana ETP. It reflects the increasing acceptance of cryptocurrencies in mainstream investments globally." } ] ```
The QSOL product by Solana aims to provide shareholders with staking yield generated from the Solana network. Digital asset manager 3iQ has filed for a listing of a Solana (SOL) exchange-traded product on Canada’s Toronto Stock Exchange (TSE), claiming it to be a North American first if approved.
This new product, named The Solana Fund (QSOL), has had its preliminary prospectus submitted in Canada in preparation for an initial public offering as announced on June 20 by 3iQ. If successful, this listing would mark the first Solana ETP available in North America.
The QSOL filing was made through a preliminary prospectus with regulatory authorities across all Canadian provinces and territories except Quebec. This fund will enable investors to gain exposure to the digital currency SOL and track the daily price movements of SOL against the U.S. dollar price.
Moreover, holders of 3iQ’s Solana ETP stand to benefit from interest accrued from native SOL staking yields, estimated by the firm to range between 6-8%. Coinbase Custody and Tetra Trust are designated as custodians for this venture, with Coinbase Custody offering exclusive institutional staking infrastructure for the Solana fund.
3iQ already boasts successful cryptocurrency products like the 3iQ Bitcoin ETF (BTCQ) and the 3iQ Ether Staking ETF (ETHQ) listed on TSE, holding net assets valued at about $233 million and $38.7 million respectively according to Yahoo Finance data. The company also offers The Bitcoin Fund (QBTC) and The Ether Fund (QETH).
It is worth mentioning that Canadian securities regulators had approved the launch of spot Bitcoin (BTC) ETFs globally in February 2021, followed by spot Ether (ETH) products two months later. Notably, Canada introduced spot Bitcoin and spot Ethereum ETFs before futures ETFs for either asset were available in the United States.
While Franklin Templeton and other U.S. asset managers have previously praised the Solana network, there haven’t been any concrete announcements regarding plans to pursue a spot Solana ETF in the country yet. Globally, over $1 billion worth of Solana ETPs are already being offered—including products like the 21Shares Solana Staking ETP and the ETC Group Physical Solana product in Europe.
In summary, with these moves towards incorporating Solana into traditional financial markets through ETP listings, it underscores a growing acceptance and integration of cryptocurrencies within mainstream investment portfolios worldwide.
Original article posted by Fox News
