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Fund manager 3iQ has applied to list the Solana ETF (exchange-traded fund) on Canada’s Toronto Stock Exchange (TSE), which could make it the first product of its kind to receive approval in North America.
“We have filed a preliminary prospectus for the Solana Fund (QSOL) in Canada in connection with an initial public offering,” 3iQ said in a June 20 statement. mail.
The Solana ETF can begin trading in all Canadian provinces except Quebec
3iQ Solana The ETF has filed a preliminary prospectus with securities regulators in every Canadian province and territory except Quebec, According to To the asset manager.
If approved, QSOL will provide investors with “exposure” to Solana’s native Solana token, and will track “daily price movements of the USD price.”
QSOL holders may be able to accumulate interest through revenue shares within the Solana ecosystem as well. 3iQ estimates that this interest rate could range between 6% and 8%.
To save funds, you will use 3iQ Coinbase Custody and Tetra Trust. Coinbase Custody will also provide QSOL with exclusive institutional infrastructure.
🚨Urgent: @coinbase The Foundation announces that it will be the custodian of the first Solana ETP in North America, by @3iQ_corp. pic.twitter.com/PsptltPM3y
– Solana Floor (@SolanaFloor) June 20, 2024
Canada overtakes the US in cryptocurrency ETF approvals
QSOL is not the first cryptocurrency-focused fund by 3iQ. The digital asset manager already owns several cryptocurrency ETFs.
The largest digital asset funds listed on the TSE are the 3iQ Bitcoin ETF (BTCQ) and the 3iQ Ether Scking ETF (ETHQ). BTCQ currently has about $233 million, while $38.7 million has been invested in ETHQ, according to Yahoo Finance data. 3iQ also has a Bitcoin (QBTC) fund as well as an Ether (QETH) fund.
The asset manager’s funds were all launched after Canadian securities regulators approved the launch of the world’s first spot bitcoin funds at the beginning of 2021.
Similar products for Ethereum were launched just two months later. This is about 3 years ago Spot Bitcoin ETFs It was approved and launched in the United States in January.
Update: 3iQ has just filed to launch its first Solana ETF in Canada (and therefore North America). Looking forward to launching under the index $QSOL. Canada had Bitcoin ETFs and Ethereum ETFs before the US had futures ETFs for either asset. free @alextapscott https://t.co/Ra6vDdepil pic.twitter.com/LRO4NJWhAr
– James Seyff (@JSeyff) June 20, 2024
“Canada had Bitcoin ETFs and Ethereum spot ETFs before the US got futures ETFs for either asset,” Bloomberg ETF analyst James Seyphart noted in an X post yesterday.
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