3iq applies to launch Solana ETP in Canada
Quick Take
- 3iq has applied to launch the first Solana exchange-traded product in North America.
- Canadian investors already have access to other crypto-based funds such as spot bitcoin and ether ETFs.
Investment firm 3iQ has applied to launch the first Solana exchange-traded product (ETP) in Canada.
The proposed ETP, called Solana Fund, would offer Canadian investors exposure to SOL without requiring them to use hot wallets or other blockchain-related technology, 3iQ said Thursday in a statement. The fund, if approved, would launch on the Toronto Stock Exchange under the ticker QSOL.
“As pioneers in digital asset investment management, we look forward to continuing our mission to deliver regulated investment vehicles — embodying the highest standards and working with best-in-class partners — for individual and institutional investors to efficiently access the crypto asset class,” said Greg Benhaim, executive vice president of product and head of trading at 3iQ.
It's unclear when the Solana Fund, if approved, would become available to investors.
3iq did not immediately respond to The Block’s request for comment.
Canadian officials greenlighted spot bitcoin and ether ETFs such as Purpose Ether ETF and CI Galaxy Ethereum ETF in 2021. The precedent-setting approvals came a couple years before U.S. regulators first allowed similar crypto-based funds to operate in the U.S.
SOL, which launched in 2020, is the fifth largest cryptocurrency by market capitalization at $61.8 billion, according to The Block's cryptocurrency price data.
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