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3iQ Digital Asset Administration, a Canadian digital asset funding fund supervisor., has filed for the preliminary public providing of the primary Solana exchange-traded product (ETP) in North America.
The Solana Fund, below the ticker QSOL, will likely be listed on the Toronto Inventory Change, providing publicity to Solana’s digital forex, SOL.
UPDATE: 3iQ simply filed to launch the primary Solana ETF in Canada (and thus North America). Trying to launch below the ticker $QSOL. Canada had spot Bitcoin and spot Ethereum ETFs earlier than the US even obtained futures ETFs for both asset. h/t @alextapscott https://t.co/Ra6vDdepil pic.twitter.com/LRO4NJWhAr
— James Seyffart (@JSeyff) June 20, 2024
Greg Benhaim, Government Vice President of Product and Head of Buying and selling at 3iQ, acknowledged:
“We sit up for persevering with our mission to ship regulated funding autos — embodying the very best requirements and dealing with best-in-class companions — for particular person and institutional traders to effectively entry the crypto asset class.”
The Fund goals to supply unitholders with the every day value actions of SOL, long-term capital appreciation, and staking yield. 3iQ has a historical past of digital asset innovation, together with the primary publicly traded Bitcoin and Ether funds in Canada.
Commenting on 3iQ’s transfer, Bloomberg ETF analyst Eric Balchunas tweeted that he was stunned extra asset managers haven’t tried comparable filings within the US, because it could possibly be a strategic transfer to place themselves favorably in case of a pro-crypto regulatory shift below a possible new administration.
Fascinating.. Kinda stunned we’ve not seen extra tried in US like this, can be like a name possibility simply in case Trump wins and SEC chair is directed to be pro-crypto (to the purpose the place the “however.. however.. there is not any futures for this coin” rebuttal would not matter anymore) you’d…
— Eric Balchunas (@EricBalchunas) June 20, 2024
VanEck, a outstanding funding supervisor, has been vocal about its perception in Solana’s potential, having launched a Solana ETN on the German inventory trade Deutsche Börse in 2021.
In a current report, VanEck analysts Matthew Sigel and Patrick Bush predicted that Solana will be a part of the spot ETF wars in 2024, pushed by a wave of asset managers submitting filings.
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