Digital asset management company 3iQ has applied to list its publicly traded Solana (SOL) products on the Toronto Stock Exchange (TSE) in Canada – a first in North America if approved, the company claims.
“We have filed a prospectus for the Solana Fund (QSOL) in Canada as part of an initial public offering,” 3iQ published on X on June 20.
If approved, it will be the first Solana ETP listed in North America, the company said.
QSOL has been filed in a preliminary prospectus with securities regulators in all Canadian provinces and territories except Quebec, 3iQ noted.
QSOL will provide “exposure to the SOL cryptocurrency” and “daily price movements of the USD SOL price”.
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Holders of 3iQ’s Solana ETP can also earn interest on initial SOL returns, which the company estimates to be around 6-8%.
Coinbase Custody and Tetra Trust will act as administrators while Coinbase Custody provides proprietary institutional infrastructure for the Solana Fund.
The 3iQ Bitcoin ETF (BTCQ) and 3iQ Ether Scking ETF (ETHQ) are two of 3iQ’s main cryptocurrency products listed in Tokyo, representing approximately $233 million and $38.7 million in net assets, respectively, according to data from Yahoo Finance.
The company also offers a Bitcoin fund (QBTC) and an Ether fund (QETH).
Canadian securities regulators have approved the launch of the world’s first Bitcoin (BTC) spot ETFs in February 2021, with Ethereum (ETH) spot products launching two months later.
“Canada had Bitcoin ETFs and Ethereum ETFs before the U.S. had futures ETFs for either asset,” noted James Seyphart, ETF analyst at Bloomberg.
Franklin Templeton and other US asset managers have praised Solana Network in the past, but no company has announced concrete plans to launch a Solana spot ETF in the country.
Seyphart noted that more than $1 billion in Solana exchange-traded products are already offered globally, such as the 21Shares Solana Scking ETP and the ETC Group Physical Solana product in Europe.
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