Solana ETF Proposed By 3iQ Aims For First North American Approval On Toronto Stock Exchange

Fund supervisor 3iQ has filed for a Solana ETF (exchange-traded fund) to be listed on Canada’s Toronto Inventory Alternate (TSE), probably making it the primary such product to achieve approval in North America.

“We have now submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada in relation to an preliminary public providing,” 3iQ mentioned in a Jun. 20 X publish.

A Solana ETF Might Begin Buying and selling In All Canadian Territories Besides Quebec 

3iQ’s Solana ETF filed a preliminary prospectus with securities regulators in each Canadian province and territory besides Quebec, in accordance to the asset supervisor. 

If accepted, QSOL will supply buyers “publicity” to Solana’s native SOL token, and can observe the “day by day value actions of the U.S. greenback value.”

QSOL holders would possibly have the ability to accumulate curiosity from staking yield alternatives inside the Solana ecosystem as effectively. 3iQ estimates that this rate of interest could possibly be between 6% and eight%.

To custody the funds, 3iQ will make the most of Coinbase Custody and Tetra Belief. Coinbase Custody can even present QSOL with unique institutional staking infrastructure.

🚨BREAKING: @coinbase institutional proclaims that will probably be the custodian for North America’s first Solana ETP, by @3iQ_corp. pic.twitter.com/PsptltPM3y

— SolanaFloor (@SolanaFloor) June 20, 2024

Canada Beats The US In Crypto ETF Approvals

QSOL isn’t the primary crypto-focused fund by 3iQ. The digital asset supervisor already has a number of crypto ETFs.

Its greatest digital asset funds listed on the TSE are the 3iQ Bitcoin ETF (BTCQ) and the 3iQ Ether Staking ETF (ETHQ). BTCQ at the moment holds round $233 million, whereas $38.7 million has been invested in ETHQ, based on Yahoo Finance knowledge. 3iQ additionally has The Bitcoin Fund (QBTC) in addition to the Ether Fund (QETH).

The entire asset supervisor’s funds have been launched after Canadian securities regulators accepted the launch of the world’s first spot Bitcoin ETFs firstly of 2021.

Related merchandise for Ethereum have been launched simply two months later. That is virtually 3 years earlier than spot Bitcoin ETFs bought accepted and launched within the US in January.

UPDATE: 3iQ simply filed to launch the primary Solana ETF in Canada (and thus North America). Trying to launch below the ticker $QSOL. Canada had spot Bitcoin and spot Ethereum ETFs earlier than the US even bought futures ETFs for both asset. h/t @alextapscott https://t.co/Ra6vDdepil pic.twitter.com/LRO4NJWhAr

— James Seyffart (@JSeyff) June 20, 2024

“Canada had spot Bitcoin and spot Ethereum ETFs earlier than the US even bought futures ETFs for both asset,” Bloomberg ETF analyst James Seyffart famous in an X publish yesterday.

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