FINANCEREGULATION

3iQ applies for Canada's first Solana ETP with the ticker symbol "QSOL"

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3iQ applies for Canada

The fund institution 3iQ has applied for the first Solana exchange-traded product in North America. In fact, the total assets under management of Solana ETP globally have exceeded $1 billion, not only in the United States.

North America's First Solana ETP "QSOL"

3iQ Digital Asset Management, a Canadian digital asset investment fund manager, has applied for the first Solana exchange-traded product (ETP) in North America. The fund's stock code is QSOL and will be listed on the Toronto Stock Exchange.

The fund aims to provide holders with daily price fluctuations of SOL, long-term capital appreciation, and staking rewards.

Greg Benhaim, Managing Director and Head of Trading at 3iQ, stated:

We look forward to continuing our mission to provide regulated investment vehicles that meet the highest standards and collaborate with top partners to allow individuals and institutional investors efficient access to the crypto asset class.

More Resembling Grayscale Products

Bloomberg ETF analyst James Seyffart tweeted that this is a closed-end fund, making it more similar to Grayscale trust products.

3iQ has previously introduced the first publicly traded Bitcoin and Ethereum funds in Canada using a similar structure, but the successful launch of QSOL is not guaranteed at this point.

In fact, the total assets under management of Solana ETP globally have exceeded $1 billion, excluding the United States.

Global Solana ETPs

Commentary: U.S. Players Should Apply Actively

Well-known investment management firm VanEck has long been optimistic about Solana's potential. As shown in the image above, as early as 2021, they launched a Solana ETN on the Deutsche Börse in Germany.

VanEck analysts Matthew Sigel and Patrick Bush previously predicted that there would be a wave of applications for Solana spot ETFs this year, driven by submissions from numerous asset management companies.

commented:

This is interesting. It's a bit surprising we haven't seen more attempts like this in the U.S. It's like a call option in case Trump wins and the SEC chair is instructed to support crypto. At that point, the argument "but there are no futures for this token" becomes irrelevant, and the applicant will be first in line.

Eric Balchunas' Comment

However, Rob Marrocco, Vice President in charge of ETF listings at Cboe, a leading exchange with multiple Bitcoin spot ETFs listed, stated in early June that a SOL or XRP spot ETF is unlikely in the short term and emphasized that the futures market is a key factor for Bitcoin ETF approvals.

Cboe Exchange Executive: Solana ETF Unlikely in the Short Term