3iq applies for launch of Solana ETP in Canada

Investment company 3iQ applied for the first launch. Solana brush

-1.91%
Canadian Exchange Traded Products (ETPs).

The proposed ETP, called the Solana Fund, will provide Canadian investors with exposure to SOL without using hot wallets or other blockchain-related technologies, 3iQ said in a statement Thursday. If approved, the fund will launch on the Toronto Stock Exchange under the symbol QSOL.

“As a pioneer in digital asset investment management, we look forward to continuing our mission to provide regulated investment vehicles by implementing the highest standards and working with best-in-class partners to enable efficient access to the crypto asset class for individual and institutional investors. looking forward.” Greg Benheim, senior vice president of product and head of trading at 3iQ, said:

It is unclear when the Solana fund will be available to investors once approved.

3iq did not immediately respond to The Block’s request for comment.

Canadian officials have approved spot Bitcoin and Ethereum ETFs for 2021, such as the Purpose Ether ETF and CI Galaxy Ethereum ETF. The precedent-setting approval comes years before U.S. regulators first allowed similar cryptocurrency-based funds to operate in the country.

Launched in 2020, SOL is the fifth-largest cryptocurrency by market cap at $61.8 billion, according to cryptocurrency price data from The Block.

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