[NEWS] Canada's 3iQ files to list Solana ETP in Toronto, first in North America

Canadian digital asset manager 3iQ announced that it has filed a prospectus to list a Solana (SOL) exchange-traded product (ETP) in Toronto.

Canadian digital asset manager 3iQ announced that it has filed a prospectus to list a Solana (SOL) exchange-traded product (ETP) in Toronto. If approved, the Solana ETP will be the first in North America.

3iQ announced on its official X account that it plans to launch the first Solana ETP in North America in Canada and that it has filed a preliminary prospectus with regulators in all Canadian provinces and territories.

"3iQ Corp is pleased to announce that it has filed a preliminary prospectus for the initial public offering of The Solana Fund (QSOL) in Canada. This continues our track record of innovation and, if approved by applicable regulators, the fund will be the first Solana exchange-traded fund to be listed in North America," the company said.

Ticker symbol "QSOL"

The company plans to launch the Solana ETP under the ticker symbol QSOL, which it said aims to provide investors with exposure to Solana's daily price fluctuations, aid in long-term capital growth, and earn yields through staking. Staking rewards will be returned to investors. It estimated that staking yields will be 6-8%.

3iQ's assets will be stored in cold storage in partnership with Tetra Trust Company and Coinbase Custody Trust Company as custodians, ensuring the highest level of security for customers' investments. Cold storage protects customer assets from cyber threats and provides peace of mind. 3iQ is committed to protecting its customers' investments with industry-leading security measures.

3iQ will manage the financial aspects of the product, and Canaccord Genuity Corp will be the sales agent.

Bloomberg Intelligence senior ETF analyst James Seyffart said the investment vehicle is a closed-end fund, similar to Grayscale's trust product.

He added that 3iQ was a pioneer in launching Bitcoin and Ethereum spot ETFs in Canada even before the U.S. launched Bitcoin (BTC) and Ethereum (ETH) futures ETFs.

3iQ's move coincides with growing interest in crypto ETFs. Last month, Ark Invest CEO Cathie Wood expressed optimism about a Solana spot ETF in the U.S. following the approval of an Ethereum spot ETF.

Similarly, Ripple's Brad Garinghouse predicted the emergence of a Solana-like crypto ETF, while acknowledging that a significant regulatory approval process lies ahead.

But not everyone shares the optimism. Rob Marrocco, vice president and global head of ETF listings at CBOE, expressed skepticism that a physical crypto ETF like Solana would be approved in the near term, noting that there is no futures market for the asset.