New Solana ETF Coming Soon As Canada’s 3iQ Submits ETP Proposal

With spot exchange-traded funds (ETFs) holding Bitcoin firmly established on U.S. exchanges and spot ether ETFs looming following key approvals in May, a new proposal for the first Solana exchange-traded product in North America was announced on June 20.

3iQ Files Prospectus To List A Solana ETP In Canada

Canadian investment firm 3iQ announced today that it has submitted a prospectus with the Ontario Securities Commission to launch the Solana Fund (QSOL), which it claimed “would be the first Solana exchange-traded product to be listed in North America.”

The fund would debut on the Toronto Stock Exchange (TSX) under the QSOL ticker if approved.

Solana, launched in 2020, is the fifth-largest cryptocurrency with a market cap of $61.48 billion as of publication time, behind only Bitcoin (BTC), Ethereum (ETH), Tether’s USDT, and BNB (BNB).

“3iQ seeks to set a global standard of excellence, and we’re proud to work closely with the OSC to responsibly enhance the digital asset investment landscape in Canada,” said Greg Benhaim, executive vice president of product and head of Trading at 3iQ, in a June 20 press release.

3iQ says the fund will be offered on the Toronto Stock Exchange “in relation to an initial public offering.”

The Solana Fund will offer holders exposure to SOL’s daily price movements and staking yields generated by the network, which the asset manager estimates to be around 6-8%.

Canada’s Progressive Crypto Stance

3iQ was one of the first firms to debut publicly traded Bitcoin and Ethereum funds. The asset manager’s move to offer Canadian investors exposure to SOL stirs speculation over which crypto assets the U.S. Securities and Exchange Commission will approve next for ETFs. UK-headquartered bank Standard Chartered has previously predicted Solana and XRP would be the next coins to get a go-ahead for ETFs from the SEC.

“As pioneers in digital asset investment management, we look forward to continuing our mission to deliver regulated investment vehicles — embodying the highest standards and working with best-in-class partners — for individual and institutional investors to efficiently access the growing crypto asset class,” Benhaim added.

Canadian regulators approved spot Bitcoin and Ether ETFs, including the Purpose Ether ETF and CI Galaxy Ethereum ETF back in February 2021. The groundbreaking approval came three years before U.S. officials first gave their blessing to similar crypto funds to list on stock exchanges. 

In the United States, all eyes are on the imminent launch of spot Ethereum ETFs, which the SEC surprisingly approved last month. Analysts are predicting the ETFs will start trading on July 2.

Despite the bullish headlines surrounding the forthcoming Solana ETF launch in Canada, the SOL price remains stuck in the doldrums. At the time of writing, the token was changing hands at $133.84, marking a 7% decline over the last seven days. However, with the huge success witnessed with the spot Bitcoin ETFs, the SOL ETP is expected to have a bullish impact on the asset’s price.