3iQ, a Canadian investment firm, has applied to launch the first Solana exchange-traded product (ETP) in North America.
The proposed fund, called “The Solana Fund,” would let Canadian investors buy into Solana’s digital currency, SOL, without dealing with complex blockchain technology.
The investment company plans to list the fund on the Toronto Stock Exchange as “QSOL.” This latest initiative follows the firm’s successful launches of Bitcoin and Ethereum ETFs, cementing its position at the forefront of crypto investment innovation.
According to the company’s blog post, Solana Fund aims to track SOL’s price, offer a chance for long-term growth, and provide earnings from Solana’s network activities. 3iQ is partnering with Coinbase Custody to manage these network earnings.
As pioneers in digital asset investment management, we look forward to continuing our mission to deliver regulated investment vehicles — embodying the highest standards and working with best-in-class partners — for individual and institutional investors to efficiently access the crypto asset class
said Greg Benhaim, the head of trading at 3iQ
Solana has become popular since it started in 2020. It has become the second-largest smart contract platform by market capitalization and trading volume. While Canadian investors already have access to spot Bitcoin and Ethereum ETFs, the Solana Fund would mark a new milestone in the country’s crypto investment landscape.
As the fifth-largest cryptocurrency by market cap, SOL’s inclusion in an ETP could signal the growing mainstream acceptance of alternative blockchain networks.
The launch date for the Solana Fund remains uncertain, pending regulatory approval. However, if approved, it could open doors for more diverse crypto investments in North America.
Also Read: ASX Lists VanEck Bitcoin ETF as First Spot Bitcoin ETF
