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3iQ Digital Asset Management, a Canadian digital asset investment fund manager., has filed for the initial public offering of the first Solana exchange-traded product (ETP) in North America.
The Solana Fund, under the ticker QSOL, will be listed on the Toronto Stock Exchange, offering exposure to Solana’s digital currency, SOL.
UPDATE: 3iQ just filed to launch the first Solana ETF in Canada (and thus North America). Looking to launch under the ticker $QSOL. Canada had spot Bitcoin and spot Ethereum ETFs before the US even got futures ETFs for either asset. h/t @alextapscott https://t.co/Ra6vDdepil pic.twitter.com/LRO4NJWhAr
— James Seyffart (@JSeyff) June 20, 2024
Greg Benhaim, Executive Vice President of Product and Head of Trading at 3iQ, stated:
“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.”
The Fund aims to provide unitholders with the daily price movements of SOL, long-term capital appreciation, and staking yield. 3iQ has a history of digital asset innovation, including the first publicly traded Bitcoin and Ether funds in Canada.
Commenting on 3iQ’s move, Bloomberg ETF analyst Eric Balchunas tweeted that he was surprised more asset managers haven’t attempted similar filings in the US, as it could be a strategic move to position themselves favorably in case of a pro-crypto regulatory shift under a potential new administration.
Interesting.. Kinda surprised we haven't seen more tried in US like this, would be like a call option just in case Trump wins and SEC chair is directed to be pro-crypto (to the point where the "but.. but.. there's no futures for this coin" rebuttal wouldn't matter anymore) you'd…
— Eric Balchunas (@EricBalchunas) June 20, 2024
VanEck, a prominent investment manager, has been vocal about its belief in Solana’s potential, having launched a Solana ETN on the German stock exchange Deutsche Börse in 2021.
In a recent report, VanEck analysts Matthew Sigel and Patrick Bush predicted that Solana will join the spot ETF wars in 2024, driven by a wave of asset managers submitting filings.