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3iQ has filed for the first Solana ETF in North America with the Toronto Stock Exchange, aiming to include staking features for SOL holders, potentially marking a significant milestone for digital asset investments in the region.
Pioneering Solana ETF Filing
For its Solana exchange-traded product, digital asset manager 3iQ has applied to the Toronto Stock Exchange (TSE) in Canada with the intention of including staking. Per Cointelegraph, they made a point of saying that if it were to be authorized, it would be the first Solana ETP listed in North America.
In connection with its initial public offering, 3iQ informed X on June 20 that they had submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada.
Native SOL staking yields also provide an opportunity for QSOL holders to earn interest. According to the company, staking yields are currently between 6 and 8 percent. Solana staking for QSOL would be enabled using Coinbase Custody's institutional staking infrastructure, which would be provided by Tetra Trust as a custodian.
Expanding 3iQ's ETF Portfolio
Additionally, the Canadian firm is responsible for the 3iQ Bitcoin ETF (BTCQ) and the 3iQ Ether Staking ETF (ETHQ) on the TSE. They are also the brains behind The Ether Fund (QETH) and The Bitcoin Fund (QBTC).
3iQ pointed out that, with the exception of Quebec, all provinces and territories in Canada had received QSOL on a preliminary prospectus from the securities regulatory authorities. QSOL will provide the "daily price movements of the U.S. dollar price SOL" and "exposure to the digital currency SOL."
Solana's Growing Influence in the ETF Market
Crypto Briefing shares that Bloomberg ETF analyst Eric Balchunas tweeted his disbelief as to why there haven't been more U.S. asset managers that have attempted similar filings in response to 3iQ's action, suggesting that this might be a strategic move to position themselves favorably in the event of a pro-crypto regulatory shift under a prospective new administration.
Having debuted a Solana ETN on the Deutsche Börse in 2021, investment manager VanEck has been outspoken about its faith in Solana's potential.
The spot ETF battles will see Solana enter in 2024, according to a 2023 assessment by Matthew Sigel and Patrick Bush of VanEck. The analysts wrote, "Solana will join the spot ETF wars thanks to a flurry of asset managers submitting filings."
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