3iq Files to Launch Solana Exchange-Traded Product in Canada
3iq Digital Asset Management has announced the filing of a preliminary prospectus for an initial public offering (IPO) of its Solana Fund in Canada. The fund aims to become the first Solana (SOL) exchange-traded product (ETP) in North America. Its primary goals are to provide exposure to Solana, achieve long-term capital appreciation, and generate staking yield.
Objectives of the Solana Fund
3iq Digital Asset Management, one of Canada’s leading digital asset investment managers, has filed this prospectus with securities regulatory authorities across all Canadian provinces and territories, except Québec. The Solana Fund plans to offer Class A and Class F units, with an application to list the Class A units on the Toronto Stock Exchange (TSX) under the ticker QSOL.
The Solana Fund’s investment objectives include:
- Providing unitholders with exposure to Solana (SOL).
- Reflecting the daily U.S. dollar price movements of SOL.
- Offering opportunities for long-term capital appreciation.
- Generating staking yield from the Solana network.
Fund Management and Offering Details
3iq will manage the investment and portfolio for QSOL. Canaccord Genuity is the agent for the offering, while Tetra Trust and Coinbase Custody Trust Company LLC will serve as custodians. Coinbase Custody’s institutional staking infrastructure will support SOL staking in the fund.
Previous Ventures and Market Context
3iq has previously launched the Bitcoin Fund (TSX: QBTC) and the Ether Fund (TSX: QETH), which were the first publicly traded bitcoin and ether funds in Canada. QETH and the 3iq Ether Staking ETF (TSX: ETHQ) were also the first ETPs in North America to integrate ether staking into their strategies.
In the United States, the Securities and Exchange Commission (SEC) recently approved form 19b-4s for eight spot ether exchange-traded funds (ETFs). This preliminary approval marks a significant advancement, raising hopes among investors and industry experts that the SEC will eventually approve other cryptocurrency ETFs, including those for Solana and XRP.
