3iQ Corp, a digital asset manager based in Toronto, is making moves to launch the first Solana Exchange-Traded Product (ETP) in North America. They have officially filed a preliminary prospectus for The Solana Fund (QSOL) on the Toronto Stock Exchange, pending approval from regulatory authorities in Canada.
If approved, QSOL would be the first ETP tied to Solana available in North America, providing investors with exposure to SOL and the daily price movements of the U.S. dollar price of SOL. This gives investors the opportunity for long-term capital appreciation and staking yield generated by the network through Coinbase Custody.
3iQ will be managing the portfolio of the fund, with SOL tokens securely held by crypto custodians Tetra Trust and Coinbase Custody. While the exact timeline for when the fund will be available to investors is still uncertain, this move marks another innovative step for 3iQ, which already offers exchange-traded funds tracking Bitcoin and Ethereum.
Despite the positive news for Solana, the coin has been facing a decline in value, losing over 25% in the past 30 days according to CoinMarketCap data. This could be a result of overall market volatility or specific factors affecting Solana’s performance in the digital asset space.
Overall, the introduction of the Solana ETP by 3iQ represents a significant development for the digital asset market in North America. It opens up new opportunities for investors looking to diversify their portfolios and gain exposure to emerging cryptocurrencies like Solana. As the regulatory approval process unfolds, all eyes will be on 3iQ and the potential impact of the Solana Fund on the broader cryptocurrency market.