Canadian investment firm 3iQ has submitted a proposal to the Ontario Securities Commission to launch the first Solana exchange-traded product (ETP) in North America, named the Solana Fund (QSOL). If approved, it will be listed on the Toronto Stock Exchange. This initiative follows the successful launch of Bitcoin and Ether ETFs in Canada and the U.S. The Solana Fund aims to offer investors exposure to Solana's daily price movements and staking yields, which are estimated to be around 6-8%. The proposal highlights Canada's progressive stance on cryptocurrency investments and speculates on future approvals by the U.S. Securities and Exchange Commission for other crypto assets.

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With spot exchange-traded funds (ETFs) holding Bitcoin firmly established on U.S. exchanges and spot ether ETFs looming following key approvals in May, a new proposal for the first Solana exchange-traded product in North America was announced on June 20.3iQ Files Prospectus To List A Solana ETP In CanadaCanadian investment firm 3iQ announced today that it has submitted a prospectus with the Ontario Securities Commission to launch the Solana Fund (QSOL), which it claimed “would be the first Solana exchange-traded product to be listed in North America.”The fund would debut on the Toronto Stock Exchange (TSX) under the QSOL ticker if approved.Solana, launched in 2020, is the fifth-largest cryptocurrency with a market cap of $61.48 billion as of publication time, behind only Bitcoin (BTC), Ethereum (ETH), Tether’s USDT, and BNB (BNB).“3iQ seeks to set a global standard of excellence, and we’re proud to work closely with the OSC to responsibly enhance the digital asset investment landscape in Canada,”saidGreg Benhaim, executive vice president of product and head of Trading at 3iQ, in a June 20 press release.3iQ says the fund will be offered on the Toronto Stock Exchange “in relation to an initial public offering.”The Solana Fund will offer holders exposure to SOL’s daily price movements and staking yields generated by the network, which the asset manager estimates to be around 6-8%.Canada’s Progressive Crypto Stance3iQ was one of the first firms to debut publicly traded Bitcoin and Ethereum funds. The asset manager’s move to offer Canadian investors exposure to SOL stirs speculation over which crypto assets the U.S. Securities and Exchange Commission will approve next for ETFs. UK-headquartered bank Standard Chartered has previouslypredicted Solana and XRPwould be the next coins to get a go-ahead for ETFs from the SEC.“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 growing crypto asset class,” Benhaim added.Canadian regulators approved spot Bitcoin and Ether ETFs, including the Purpose Ether ETF and CI Galaxy Ethereum ETF back in February 2021. Thegroundbreaking approvalcame three years before U.S. officials firstgave their blessingto similar crypto funds to list on stock exchanges.In the United States, all eyes are on the imminent launch of spot Ethereum ETFs, which the SEC surprisingly approved last month. Analysts are predicting the ETFs willstart tradingon July 2.Despite the bullish headlines surrounding the forthcoming Solana ETF launch in Canada, the SOL price remains stuck in the doldrums. At the time of writing, the token was changing hands at $133.84, marking a 7% decline over the last seven days. However, with the huge success witnessed with the spot Bitcoin ETFs, the SOL ETP is expected to have a bullish impact on the asset’s price.

3iQ Proposes First Solana ETP in North America, Aiming for Toronto Stock Exchange Listing