3iQ, the North American company that pioneered cryptocurrency ETFs, has filed an application to list Solana’s first publicly traded vehicle on the Toronto Stock Exchange.
The fund, called The Solana Fund (QSOL), will be listed on the Toronto Stock Exchange, Canada's main stock exchange, if approved by the relevant authorities.
The company, which already has several exchange-traded funds based on Bitcoin and Ethereum, wants to open a unique opportunity for investors to gain exposure to the fifth-largest cryptocurrency on the market by capitalization. As indicated, Solana is one of the largest, most scalable and fastest blockchain networks on the market, which was designed to accelerate the construction of the next generation of the Internet, Web3. This blockchain allows developers of the technology to create high-performance protocols and applications that can solve real-world problems. Therefore, by launching a spot ETF, 3iQ seeks to provide investors with direct, efficient and complexity-free access to SOL.
“Solana’s fund offers easy exposure to SOL without the technical complexity”, emphasized the company.
At the time of writing, Solana (SOL) has a market cap of over $61.300 billion, making it the fifth most valuable cryptocurrency and blockchain network in the crypto industry.
3iQ adds staking to its Solana spot ETF
One highlight of 3iQ's proposed Solana spot ETF is SOL staking. The company noted that its investors will have the opportunity to earn additional income from your fund shares thanks to staking.
The Solana Fund (QSOL) will stake SOL for passive income with estimated yields ranging from 6% to 8%, 3iQ said, clarifying that staking rewards on the Solana network will improve the returns of the fund’s investors in the long term.
On the other hand, the company stated that cryptocurrencies in the fund’s reserves will be stored in cold storage wallets, through its historical partnership with Canadian company Tetra Trust and Coinbase. Both will serve as custodians for The Solana Fund (QSOL), as they do for the company’s other cryptocurrency exchange-traded funds. In 2022, when 3iQ’s partnership with Tetra Trust was announced, 3iQ President and CEO Fred Pye emphasized the company’s cutting-edge strategies and products to ensure investor integrity and strengthen the overall cryptocurrency landscape.
The United States falls behind once again
While investors in the United States are still waiting for approved Ethereum spot ETFs to begin trading on exchanges, in Canada they can already gain direct exposure to the prices of Bitcoin, Ethereum and, possibly in the not-too-distant future, Solana.
The company has launched three cryptocurrency-based investment funds: The Bitcoin Fund (QBTC), The Ether Fund (QETH) y 3iQ Ether Staking ETF (ETHQ)The first two, QBTC and QETH, were the first crypto investment vehicles to be listed on Canadian stock exchanges, while the third, ETHQ, became the first North American Ethereum ETF to incorporate ETH staking into its investment strategies.
3iQ is focusing on innovating in the digital asset investment market. The company stands out in its quest to establish a global standard for digital asset investment management, fostering the creation of new regulated financial vehicles that simplify entry into the crypto world and allow investors to gain exposure to its potential.
On Solana, 3iQ noted that the blockchain has emerged as a prominent player in the smart contract space, attracting a strong and substantial community of developers and users. Due to its qualities, the company emphasized that Solana was “the natural choice” for the launch of its upcoming exchange-traded fund.
