Digital asset manager 3iQ has taken a significant step by filing for a new exchange-traded product (ETP) focused on Solana (SOL). The QSOL product is designed to generate staking yields for shareholders from the Solana network. If approved, this will be the first Solana ETP listed in North America.
First Solana ETP Listing in North America
On June 20, 3iQ announced via X that it had submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada, marking the initial phase of the public offering process. The firm highlighted, “We have submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada about an initial public offering.” This new ETP seeks to offer investors exposure to the digital currency SOL and track its daily price movements against the U.S. dollar.
Regulatory Filings and Staking Yields
QSOL filed across Canada (excluding Quebec); offers 6-8% SOL staking yields. Coinbase Custody and Tetra Trust as custodians; Coinbase Custody provides exclusive staking infrastructure.
3iQ’s Existing Cryptocurrency Products
3iQ manages Bitcoin ETF (BTCQ) and Ether Staking ETF (ETHQ) on TSE with net assets of $233M and $38.7M. It also offers The Bitcoin Fund (QBTC) and The Ether Fund (QETH).
Historical Context and Broader Market
Canada led with first spot Bitcoin ETFs in Feb 2021, followed by Ether. Bloomberg’s James Seyffart noted Canada’s ETFs preceded US futures offerings. Despite US interest in Solana, no plans for a spot ETF are announced.
Global Perspective on Solana ETPs
Globally, more than $1 billion worth of Solana ETPs are already available. Notable examples include the 21Shares Solana Staking ETP and the ETC Group Physical Solana product in Europe. As the cryptocurrency market continues to evolve, 3iQ’s new Solana ETP could be a significant addition, potentially setting a precedent for similar products in North America.
Conclusion
3iQ’s filing for a Solana ETP marks a significant milestone in the North American digital asset market. If approved, QSOL will offer unique exposure to Solana’s price movements and staking yields. This move highlights 3iQ’s commitment to expanding its crypto offerings and sets the stage for more innovative digital asset products in the future.
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