Crypto: Canada Launches the First Solana ETF!

In a significant development for the crypto market in Canada, digital asset manager 3iQ has filed an application to list an exchange-traded fund (ETF) based on Solana on the Toronto Stock Exchange (TSE). This initiative marks the first time such a financial product related to Solana is being offered in North America.

The Solana ETF arrives in Canada!

The Solana ETF will be listed under the symbol QSOL and will offer shareholders exposure to the SOL crypto! But also, the opportunity to benefit from the native staking yields of the Solana blockchain. Staking yields are estimated between 6% and 8%! This represents an attractive opportunity for investors seeking to generate passive income while participating in the security and stability of the Solana network.

The QSOL filing was made on a preliminary prospectus with securities regulatory authorities. And this, in all Canadian provinces and territories, except Quebec. If approval is granted, QSOL will offer exposure to the SOL crypto and the daily price movements of SOL in US dollars.

Coinbase Custody and Tetra Trust will act as custodians. While Coinbase Custody will provide exclusive institutional staking infrastructure for the Solana fund. This ensures increased security and reliability for investors looking to engage in the crypto space via a regulated investment vehicle.

Canada: a pioneer in crypto innovation?

Canada has been a pioneer in approving crypto ETFs! Having launched the world’s first spot Bitcoin and Ethereum ETFs in February and April 2021. The approval of QSOL could pave the way for other financial products based on lesser-known cryptos. Thus offering a wider diversity and increased inclusion in the traditional financial market. This could also prompt other countries, including the United States, to consider similar approvals, thereby increasing the legitimacy and acceptance of crypto on a global scale.

3iQ’s initiative to launch the first Solana ETF in Canada is a major development! This could transform the landscape of crypto investments and open new avenues for financial innovation.