3iQ Digital Asset Management, a cryptocurrency investment fund manager based in Canada, has made a groundbreaking move by filing for the initial public offering (IPO) of the first Solana Exchange-Traded Product (ETF) in North America in 2024. This new fund, known as QSOL, will provide investors with direct exposure to the Solana cryptocurrency (SOL) and will be listed on the Toronto Stock Exchange.
Greg Benhaim, Executive Vice President of Product and Head of Trading at 3iQ, highlighted the significance of this endeavor, stating, “We are excited to continue our mission of offering regulated investment vehicles that uphold the highest standards and collaborating with top-tier partners, allowing individual investors and institutions to gain efficient access to the crypto asset class.”
In an update, it was announced that 3iQ has officially filed to launch the first Solana ETF in Canada, marking a milestone for North America. The ETF is expected to be traded under the ticker symbol $QSOL. Canada has already introduced Bitcoin and Ethereum ETFs, even before the United States introduced futures ETFs for these assets.
This offering aims not only to track the daily price movements of SOL but also to provide long-term capital appreciation and income generated through staking the currency. 3iQ is well-known for its innovation in the digital asset market, being a pioneer in launching the first publicly traded Bitcoin and Ether funds in Canada.
Eric Balchunas, an ETF analyst at Bloomberg, commented on 3iQ’s strategy on Twitter, expressing surprise that more asset managers haven’t attempted similar filings in the United States. He suggested that such a move could strategically position them favorably in the event of pro-regulatory changes in the cryptocurrency industry under a potential new administration.
VanEck, an investment manager that previously demonstrated confidence in Solana by launching an Exchange-Traded Note (ETN) on Deutsche Börse in 2021, remains optimistic. VanEck analysts Matthew Sigel and Patrick Bush expect Solana to gain a significant presence in the ETF competition in 2024, driven by a growing trend of asset managers seeking approvals for such funds.
At the time of publication, the price of SOL was quoted at US$134.04, experiencing a 1% decrease in the last 24 hours.
Disclaimer: The views and opinions expressed in this article, whether by the author or individuals mentioned, are for informational purposes only and should not be considered as financial, investment, or any other form of advice. Investing or trading cryptocurrencies carries the risk of financial loss.
Editor’s Choice: An analysis suggests that Solana has the potential to reach $1,000 during this market cycle, presenting an achievable target. Additionally, there is a bullish forecast for Bitcoin, Ethereum, Shiba Inu, and Solana.