In a significant development for the Canadian cryptocurrency landscape, investment firm 3iq has applied to launch the first-ever Solana exchange-traded product (ETP) in the country. This move aims to provide Canadian investors with seamless exposure to the Solana blockchain ecosystem without the need for complex blockchain technology or hot wallets.
Key Highlights:
- 3iq has applied to launch the first Solana ETP in Canada, called the Solana Fund.
- The proposed ETP would trade on the Toronto Stock Exchange under the ticker QSOL.
- This move builds on the precedent set by the approval of spot bitcoin and ether ETFs in Canada in 2021.
- Solana is the fifth-largest cryptocurrency by market capitalization, making it an attractive option for Canadian investors.
- The Solana Fund, if approved, would allow investors to gain exposure to the Solana blockchain ecosystem without the need for complex blockchain technology or hot wallets.
3iq’s Solana Fund: A Regulated Investment Vehicle
The proposed ETP, dubbed the “Solana Fund,” will be listed on the Toronto Stock Exchange under the ticker symbol QSOL, should it receive regulatory approval. This development builds on the precedent set by the approval of spot bitcoin and ether ETFs in Canada in 2021, which paved the way for easier access to the crypto asset class for individual and institutional investors.
“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, Executive Vice President of Product and Head of Trading at 3iq.
Solana’s Expansion into Canada
Solana, the fifth-largest cryptocurrency by market capitalization, has seen significant growth and adoption since its launch in 2020. The addition of a Solana-focused ETP in Canada will provide investors with another avenue to gain exposure to the rapidly evolving Solana ecosystem, which has gained traction in the decentralized finance (DeFi) and non-fungible token (NFT) spaces.
As the cryptocurrency industry continues to evolve, the introduction of a Solana-based ETP in Canada represents a significant step forward in providing investors with regulated and accessible investment vehicles to diversify their portfolios and participate in the growth of the digital asset ecosystem.
