Canadian Firm 3iQ Files for First Solana Exchange-Traded Product

BySamson Ononeme

Jun 20, 2024 , ,
Canadian investors may soon have a new way to gain exposure to Solana (SOL) as 3iQ applies for the country's first Solana-based ETP.

Key Insights

  • Canadian firm 3iQ applies to launch first Solana-based ETP in Canada
  • Proposed “Solana Fund” would trade on Toronto Stock Exchange as QSOL
  • Product aims to provide SOL exposure without direct blockchain engagement

TORONTO (MarketsXplora) – Canadian investment firm 3iQ has submitted an application to launch the country’s first Solana-based exchange-traded product (ETP), the company announced on Thursday.

The proposed Solana Fund, which would trade on the Toronto Stock Exchange under the ticker QSOL, aims to provide Canadian investors with exposure to SOL, Solana’s native cryptocurrency, without the need for hot wallets or direct engagement with blockchain technology.

Greg Benhaim, Executive Vice President of Product and Head of Trading at 3iQ, emphasized the firm’s commitment to expanding regulated investment vehicles in the cryptocurrency space.

“We’re continuing our mission to deliver innovative products that meet the highest standards and work with top-tier partners, enabling both retail and institutional investors to access the crypto asset class efficiently,” Benhaim stated.

The move comes as Solana, launched in 2020, has risen to become the fifth-largest cryptocurrency by market capitalization, currently valued at $61.8 billion according to industry data.

Canada has been at the forefront of cryptocurrency ETF approvals, having greenlit spot Bitcoin and Ethereum ETFs in 2021, well ahead of similar authorizations in the United States.

While 3iQ has not specified a timeline for the potential launch of the Solana Fund, the application marks another step in the growing integration of cryptocurrency products into traditional financial markets.

The firm did not immediately respond to requests for additional comment on the proposed fund’s structure or expected approval timeframe.

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