Code QSOL! 3iQ applied to list North America’s first Solana ETP on the Toronto Stock Exchange in Canada

Investment fund management company 3iQ announced on Thursday that it has submitted a listing application in Canada, seeking to launch North America’s first Solana exchange-traded product (ETP).

According to a statement issued by 3iQ, this ETP called "Solana Fund" will allow Canadian investors to gain access to SOL without using hot wallets or other blockchain-related technologies.

Editor’s note: ETP generally refers to investment funds traded on stock exchanges, including various types of products, such as exchange-traded funds (ETFs), exchange-traded notes (ETNs), and exchange-traded commodities (ETCs).

If approved, this fund will be listed on the Toronto Stock Exchange (Toronto Stock Exchange) under the trading code "QSOL". Greg Benhaim, Executive Vice President of Products and Trading at 3iQ, said: "As a pioneer in digital asset investment management, we look forward to continuing to fulfill our mission of providing regulated investment vehicles - embodying the highest standards and working with top partners - that empower individuals and Institutional investors have efficient exposure to the crypto asset class.

It is unclear when the Solana Fund will be open to investors if approved.

The Canadian authorities have approved the listing of Bitcoin and Ethereum spot ETFs as early as 2021, a full three years ahead of the United States. As the demand for diversified investment options in cryptocurrency continues to increase, if Solana ETP can successfully break through in Canada, it is expected to open the way for the launch of similar products in the United States, Europe and other places.

According to CoinGecko data, Solana (SOL) is currently the 5th largest cryptocurrency with a market capitalization of $61.4 billion.

Comment: US businesses should actively apply

The well-known investment management company VanEck has always been optimistic about the potential of Solana. As shown in the picture above, it has launched a Solana ETN on the German stock exchange Deutsche Börse as early as 2021.

VanEck analysts Matthew Sigel and Patrick Bush previously predicted that Solana spot ETF will see a wave of applications this year, driven by a large number of asset management companies submitting applications.

Regarding 3iQ’s move, Bloomberg ETF analyst Eric Balchunas commented: It’s interesting, a little surprised that we don’t see more such application attempts in the United States, it’s like a call option in case Trump really If you win the election and the SEC chairman is instructed to support cryptocurrencies, then the "but this token has no futures" rebuttal is no longer important, and the applicant will be first in line.

However, Cboe, an exchange that lists a number of Bitcoin spot ETFs, its vice president in charge of ETF listing, Rob Marrocco, pointed out in early June that SOL and XRP spot ETFs are impossible to achieve in the short term, and Highlighting the futures market as a major factor in Bitcoin ETF approval.

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