Canada to launch a spot Solana ETF

3iQ Corp, a Toronto-based crypto investment solutions company, has announced that it is setting up a spot exchange-traded product (ETP) for Solana (SOL), the first of its kind in North America. The launch involves two types of units, Class A and Class F, which they’re pushing through an initial public offering (IPO).

Now, to make things official, 3iQ is getting these Class A units ready for the big leagues by listing them on the Toronto Stock Exchange. Keep your eyes peeled for the ticker “QSOL” because that’s where the action will be. However, the fund will not be available in Québec.

Financial goals and growth strategy

3iQ states that they want to directly link Canadian investors to SOL and its price movements against the U.S. dollar. Plus, there’s the attractive potential for long-term capital growth, seeing as the Solana ecosystem has been exploding recently. 3iQ was also the brains behind Canada’s first publicly traded Bitcoin and Ethereum funds.

Related: Solana (SOL) signals bullish momentum, eyes all-time high

Managing the financial aspect of the product is 3iQ itself, while Canaccord Genuity Corp steers the ship as the agent for the offering. They’ve got Tetra Trust Company and Coinbase Custody Trust Company tucked in as custodians to keep things tight and right. And they plan to stake the SOL they hold, aiming to reel in rewards that’ll be placed right back into the fund for the unitholders’ benefit.

Greg Benhaim from 3iQ was clear about their ambition, saying they want to “set a global standard of excellence.” He added that the company is working closely with securities regulatory authorities to build a responsible crypto investment industry in Canada.

Let’s talk about Solana for a second. The blockchain was made for high-octane decentralized apps and smart contracts. Solana’s growth since 2020 has been astounding. Over the past two years, it has remained the best performing real utility-cryptocurrency in the world.

Jai Hamid