TECHNOLOGY

Solana ETF on the Horizon? Canada’s 3iQ Seeks SOL ETP Listing on the Toronto Stock Alternate

Crypto fanatics are furious as a most modern trend suggests the lengthy-awaited Solana ETF news shall be nearer than ever. On June 20, digital asset manager 3iQ filed for a Solana alternate-traded product (ETP) itemizing on Canada’s topmost inventory alternate, the TSE. 

The Solana Fund, with the ticker QSOL, objectives to track Solana’s day-to-day fee actions and even provide staking yields for customers. 3iQ says QSOL might maybe be the first Solana ETP in North The United States if permitted. 

Importantly, this trend would maybe allege extra eyes to the SOL ecosystem and even the crypto market.

3iQ Plans to Originate North The United States’s First Solana ETP on the Toronto Stock Alternate

On June 20, 2024, 3iQ announced by the X platform that it had submitted a prospectus to the Ontario Securities Commission (OSC). The firm objectives to commence North The United States’s first Solana alternate-traded product (ETP) on the Toronto Stock Alternate (TSX) below the ticker QSOL. This fresh ETP will provide customers exposure to the pricetag actions of SOL.

Nonetheless, the advantages flow previous simply tracking SOL’s fee actions. Per the X submit, QSOL will consist of exposure to staking yield generated by the Solana community. This dual earnings objectives to arrangement every fee-focused and yield-focused customers.

In a press free up, Greg Benhaim, Head of Buying and selling and Executive Vice President of Product at 3iQ expressed pleasure in their collaboration with the OSC. 

He highlighted 3iQ’s aim to “make stronger Canada’s digital asset funding landscape.” Benhaim emphasised their commitment to surroundings a global long-established of excellence.

“As pioneers in digital asset funding management, we dwell up for continuing our mission to allege regulated funding autos — embodying the superb requirements and working with simplest-in-class partners — for person and institutional customers to efficiently secure admission to the crypto asset class,” Benhaim mentioned.

Moreover, a Strategic Manual to 3iQ, Christopher Matta, shared insights about the Solana ETP’s aspects. He mentioned the Solana Fund would come with staking, the same to their Ether ETP, permitting customers to invent rewards from Solana.

He added that 3iQ can pass these rewards straight to the customers by enabling staking, making the fund extra intelligent.

Bloomberg ETF Analyst React

Reacting to the most modern trend, Bloomberg ETF analyst James Seyffart highlighted that Canada had listed pickle Bitcoin and Ethereum ETFs earlier than the US.

In February 2021, Canadian regulators permitted the commence of the arena’s first ETF for Bitcoin. Two months later, the regulators permitted ETFs for Ethereum, which allowed Canadian customers to fabricate managed exposure to Bitcoin and Ethereum.

Subsequently, Canadian customers had earlier secure admission to to funding opportunities in cryptocurrencies than their United States counterparts.

Relating to Solana ETPs, Seyffart licensed that there are over $1 billion worth of world merchandise. These consist of offerings address the ETC Neighborhood Bodily Solana product and the 21Shares SOL Staking ETP in Europe.

Subsequently, launching one more ETP doesn’t mean a SOL ETF is drawing near. Moreover, Seyffart says there’s no guarantee 3iQ’s Solana ETP will commence, terming it “simply filed.”

Nonetheless, 3iQ’s SOL ETP submitting marks a milestone within the crypto funding landscape. If permitted, it will present customers with unfamiliar opportunities and strengthen 3iQ’s leadership in Canada’s digital asset management landscape.

Disclaimer: The opinions expressed listed here enact no longer constitute monetary advice. We encourage readers to behavior their very own analysis and need their very own threat tolerance earlier than making any monetary choices. Cryptocurrency is a extremely volatile, high-threat asset class.

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