Canadian digital asset management company 3iQ announced today that it has applied to launch a Solana fund on the Toronto Stock Exchange (TSX) with the ticker symbol “QSOL.” If approved for listing, it will become the first Solana Exchange-Traded Product (ETP) in North America.
Following the Securities and Exchange Commission’s (SEC) approval of a Bitcoin spot ETF earlier this year and the recent approval of an Ethereum spot ETF application on October 24th, the market is now looking forward to which cryptocurrency will be the next to launch an ETF.
3iQ has applied to issue a SOL ETP and plans to list it on the Toronto Stock Exchange. In a statement released today, the Canadian digital asset management company announced that it has applied to the country’s securities regulatory agency to launch a Solana fund with the ticker symbol “QSOL.” If the fund receives approval for listing, it will become the first Solana Exchange-Traded Product (ETP) in North America.
According to 3iQ’s statement, the fund will not only provide investors with a new channel for investing in SOL, but it will also offer staking rewards on the Solana network. Canaccord Genuity, Tetra Trust, and Coinbase Custody Trust Company will serve as underwriters and custodians for QSOL.
3iQ will also utilize Coinbase Custody’s institutional staking infrastructure to support SOL staking in the Solana fund. Currently, according to information from the Staking Rewards website, staking SOL can yield an annualized return of up to 7.12%.
3iQ has already launched a Bitcoin fund (TSX: QBTC) and an Ethereum fund (TSX: QETH), becoming the first publicly traded Bitcoin and Ethereum funds in Canada, respectively. In addition, QETH and 3iQ’s Ethereum Staking ETF (TSX: ETHQ) became the first ETPs in North America to “stake” Ethereum in their investment strategies.
The market has high expectations for SOL as the next cryptocurrency ETF. In the statement, 3iQ explains that they chose Solana as their next digital asset for issuing an ETP because it is recognized as a strong competitor to Ethereum, with excellent transaction speed and scalability, and is the second-largest smart contract platform in terms of market capitalization and trading volume.
Currently, Solana is the most discussed digital asset for the next ETF in the market. Bernstein previously stated in a research report:
Furthermore, Daniel Yan, co-founder of Matrixport, has also expressed:
Standard Chartered Bank predicts that Solana could be the next cryptocurrency to receive SEC approval for an ETF. This prediction is based on the technical similarities between Solana and Ethereum, which could make it difficult for the SEC to classify them differently.
William Quigley, co-founder of Tether and WAX, stated that following the successful launch of a Bitcoin spot ETF, Solana could become the next popular cryptocurrency for ETFs. He stated:
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