Canada to Launch First Spot Solana ETP
In a groundbreaking move, 3iQ Corp has announced the launch of The Solana Fund, North America’s first spot exchange-traded product (ETP) for Solana (SOL). This new fund will offer Class A and Class F units and aims to list on the Toronto Stock Exchange under the ticker “QSOL,” although it will not be available in Québec.
Toronto-based 3iQ Corp, a leader in crypto investment solutions, is spearheading this initiative, pushing the units through an initial public offering (IPO). The listing of Class A units on the Toronto Stock Exchange marks a significant step in providing Canadian investors with direct exposure to Solana and its price movements against the U.S. dollar.
Financial Goals and Growth Strategy
3iQ aims to connect Canadian investors to the burgeoning Solana ecosystem, which has shown explosive growth potential. By doing so, they hope to offer attractive long-term capital growth opportunities. This move follows 3iQ’s successful launches of Canada’s first publicly traded Bitcoin and Ethereum funds.
The financial management of the Solana Fund will be handled by 3iQ, with Canaccord Genuity Corp acting as the agent for the offering. Custody of the assets will be maintained by Tetra Trust Company and Coinbase Custody Trust Company. Additionally, 3iQ plans to stake the SOL held in the fund, with the rewards being reinvested for the benefit of unitholders.
Greg Benhaim of 3iQ emphasized their ambition to “set a global standard of excellence” and highlighted the company’s commitment to working with securities regulatory authorities to build a responsible crypto investment industry in Canada.
Featured image from: cointelegraph.com