Fund institution 3iQ has applied for the first Solana Exchange Traded Product (ETP) in North America. In fact, the total assets of Solana ETPs worldwide have exceeded $1 billion, excluding the United States.
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North America’s First Solana ETP “QSOL”
Getting closer to grayscale products
Comment: US companies should actively apply
North America’s First Solana ETP “QSOL”
3iQ Digital Asset Management, a Canadian digital asset investment fund management company, has applied for the first Solana Exchange Traded Product (ETP) in North America. The fund’s stock code is QSOL and it will be listed on the Toronto Stock Exchange.
The fund aims to provide holders with daily price fluctuations of SOL, long-term capital appreciation, and staking income.
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Greg Benhaim, Vice President of Product Execution and Head of Trading at 3iQ, said:
We look forward to continuing our mission to provide regulated investment tools that meet the highest standards and collaborate with top partners, allowing individuals and institutional investors to efficiently access the cryptocurrency asset class.
Getting closer to grayscale products
Bloomberg ETF analyst James Seyffart tweeted that this is a closed-end fund, making it more similar to grayscale trust products. 3iQ has previously launched the first publicly-traded Bitcoin and Ethereum funds in Canada using this model, but there is still no guarantee that QSOL will be successfully launched.
In fact, the total assets of Solana ETPs worldwide have exceeded $1 billion, excluding the United States.
Global Solana ETP
Well-known investment management company VanEck has always been optimistic about the potential of Solana. As shown in the figure above, as early as 2021, it launched a Solana ETN on the Deutsche Börse in Germany. VanEck analysts Matthew Sigel and Patrick Bush previously predicted that there would be a wave of applications for Solana spot ETFs this year, driven by submissions from numerous asset management companies.
Regarding 3iQ’s move, Bloomberg ETF analyst Eric Balchunas commented:
This is interesting, a bit surprising that we haven’t seen more attempts like this in the US. It’s like a call option in case Trump really wins and the SEC chairman is instructed to support cryptocurrencies. At that point, the rebuttal of “but this token has no futures” is no longer important, and the applicants will be at the forefront.
Eric Balchunas Comment
However, Rob Marrocco, Vice President of ETF Listings at Cboe, an exchange that lists several Bitcoin spot ETFs, stated in early June that it is not possible to have SOL and XRP spot ETFs in the short term, emphasizing that the futures market is the main factor for approving Bitcoin ETFs.
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Cboe Exchange Executive: Solana ETF is not possible in the short term
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3iQ
ETP
QSOL
SOL
Exchange Traded Product
Ethereum
Bitcoin
Further reading
XRP ETF is destined to happen, Ripple CEO: Optimistic that XRP ETF will be available next year
BNB reaches new all-time high of $716! Reaching its peak after three years, ETH and SOL have yet to break through.