Key Points
- Investment fund manager 3iQ filed to launch the first Solana ETF (QSOL) in Canada.
- 3iQ says the fund will be offered on the Toronto Stock Exchange in relation to an IPO.
According to the latest reports, the Canadian investment fund manager 3iQ revealed it has filed to offer The Solana Fund (QSOL) which could become the first Solana ETF product to be listed in North America.
In an official announcement on X, the firm revealed it submitted a preliminary prospectus for QSOL in relation to an initial public offering.
The notes also reveal that this continues the firm’s track record of innovation.
In their official notes, 3iQ says that The Solana Fund offers easy exposure to SOL without technical complexity.
According to them, investors will be able to buy and sell Class A Units on the TSX and it’s eligible for registered accounts in Canada, making it a tax-efficient, and long-term investment option.
The same notes reveal that the assets will be held in cold storage via a trusted partnership with Tetra and Coinbase, ensuring the highest level of security for the investments. Cold storage keeps assets safe from cyber threats, offering users peace of mind.
3iQ says that it remains committed to safeguarding investments with industry-leading security measures.
Also, the firm wrote that as part of the investment strategy, The Solana Fund will stake SOL to earn rewards. Staking allows users to earn passive income with estimated yields ranging from 6-8%.
The rewards, following the decision of applicable fees, will be reinvited for the benefit of unitholders. Such an approach ensures that investments have the potential to grow, offering users enhanced returns over time.
$1 billion in Solana ETPs globally
Bloomberg’s analyst James Seyffart noted via a post on X that it’s interesting to note the fact that Canada had spot Bitcoin and Ethereum ETFs before the US got futures ETFs for either asset.
He said that people would be stunned to realize that there are already $1 billion in Solana ETPs globally. He included a list of funds from providers such as WisdomTree, VanEck, and 21Shares.
Seyffart also noted via another X account that The Solana Fund’s investment objectives are to provide the following, quoting an official press release:
- exposure to SOL and the daily price movements of the US dollar price of SOL
- opportunity for long-term capital appreciation
- staking yield generated by the network
He also noted that this is a Closed End Fund which means it’s more similar to one of the Grayscale trust products.
