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Asset manager 3iQ is seeking to launch the first North American 
Solana product to trade on a traditional stock exchange.
What’s the scoop?
- Canada-Based: The proposed QSOL instrument would be available in all Canadian provinces and territories except Quebec, offering investors exposure to SOL's daily price movements in U.S. dollar terms and enabling them to accrue SOL staking yield.
- First Mover: Canada has been somewhat of a testing grounds for crypto financial products, becoming the first nation to approve spot BTC ETFs in February 2021 and launching spot ETH ETFs just two months afterwards.
- Differentiated First: While Americans have been able to trade Grayscale’s GSOL over-the-counter (OTC) since 2021, QSOL would be the first Solana instrument to trade on an actual stock exchange: the TSX. Additionally, while QSOL is a closed ended fund like GSOL, the Canadian instruments have better mechanisms to prevent extreme discounts and premiums from occurring.
Bankless Take:
Although QSOL must still be approved by Canadian financial regulators and will not possess the much sought after designation of “spot ETF,” 3iQ similarly created a closed ended fund for BTC in 2019 before its eventual launch of spot products.
Given Canada’s history of being an early crypto adopter, the filing bodes well for the probability of future SOL ETF approval in America and the token’s commensurate designation as a non-security.
3iQ Corp. is pleased to announce that we have submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada in relation to an initial public offering.
— 3iQ Digital Asset Management (@3iq_corp) June 20, 2024
This continues our track record of innovation, and if receipt of applicable regulatory approvals is obtained, the… pic.twitter.com/7ghv05f8gU
