3iQ Applies for First Solana ETP in Canada with Symbol QSOL
Fund institution 3iQ has applied for the first Solana exchange-traded product (ETP) in North America. In fact, the total assets under management of Solana ETPs worldwide have exceeded $1 billion, excluding the United States.
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The first Solana ETP in North America, “QSOL”
Closer to grayscale products
Comment: U.S. companies should actively apply
The first Solana ETP in North America, “QSOL”
Canadian digital asset investment fund management company 3iQ Digital Asset Management has applied for the first Solana exchange-traded product (ETP) in North America, with the fund’s ticker symbol being QSOL. It 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.
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Greg Benhaim, Vice President of Product Execution and Head of Trading at 3iQ, said:
We look forward to continuing our mission to provide regulated investment tools that meet the highest standards and collaborate with top-tier partners, enabling individuals and institutional investors to efficiently access the cryptocurrency asset class.
Closer to grayscale products
Bloomberg ETF analyst James Seyffart tweeted that this is a closed-end fund, making it more similar to Grayscale Trust products.
And 3iQ has previously launched the first publicly traded Bitcoin and Ethereum funds in Canada using this model, but there is still no guarantee that QSOL will be successfully launched.
In fact, the total assets under management of Solana ETPs worldwide have exceeded $1 billion, excluding the United States.
Global Solana ETPs
Prominent investment management company VanEck has always been optimistic about the potential of Solana. As shown in the above figure, it launched a Solana ETN on Deutsche Börse, a German stock exchange, as early as 2021.
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 a large number of asset management companies submitting applications.
Regarding 3iQ’s move, Bloomberg ETF analyst Eric Balchunas commented:
This is interesting and somewhat surprising that we haven’t seen more attempts like this in the United States. It’s like a call option in case Trump actually wins and the SEC chairman is instructed to support cryptocurrencies. At that point, the counterargument of “but this token has no futures” no longer matters, and the applicant will be at the forefront.
Eric Balchunas Comment
However, Rob Marrocco, Vice President of ETF Listings at Cboe, the exchange that lists several Bitcoin spot ETFs, stated in early June that a SOL or XRP spot ETF is not possible in the short term and emphasized that the futures market is the main factor for approving Bitcoin ETFs.
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Cboe Exchange Executive: Solana ETF Not Possible in the Short Term
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3iQ
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QSOL
SOL
Exchange-Traded Product
Ethereum
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Further reading
XRP ETF is bound to happen, Ripple CEO: Optimistic about XRP ETF launching next year
BNB hits a new all-time high of $716! Peaks after three years, ETH and SOL have not broken through.
