Digital asset manager 3iQ has taken a significant step in the cryptocurrency investment landscape by filing for a Solana exchange-traded product (ETP), named QSOL, on Canada’s Toronto Stock Exchange (TSE). If approved, this would mark the first Solana ETP to be listed in North America, setting a new precedent in the region's financial markets.

Announced on June 20, 3iQ's filing for The Solana Fund (QSOL) represents an initial public offering aimed at providing investors with exposure to Solana (SOL), a prominent digital currency. "We have submitted a preliminary prospectus for The Solana Fund (QSOL) in Canada," 3iQ revealed in a post on X (formerly Twitter).

The QSOL product, pending regulatory approval, is set to offer shareholders not only exposure to the price movements of SOL but also the potential to earn staking yields. 3iQ estimates these yields to range between 6-8%, providing an additional incentive for investors looking to benefit from Solana's staking rewards.

The filing has been submitted to securities regulatory authorities across all Canadian provinces and territories, with the exception of Quebec. Should the approval be granted, QSOL would offer a unique investment opportunity that combines digital currency exposure with the benefits of staking within a regulated framework.

For custodial and staking services, QSOL will rely on Coinbase Custody and Tetra Trust, with Coinbase Custody also providing exclusive institutional staking infrastructure for the Solana fund. This ensures that investors' assets are managed with top-tier security and efficiency.

3iQ’s current portfolio includes the 3iQ Bitcoin ETF (BTCQ) and the 3iQ Ether Staking ETF (ETHQ), listed on the TSE with approximately $233 million and $38.7 million in net assets, respectively, according to Yahoo Finance data. The firm also offers The Bitcoin Fund (QBTC) and The Ether Fund (QETH), further establishing its reputation in the digital asset management space.

Canada has been at the forefront of cryptocurrency ETFs, having approved the world’s first spot Bitcoin ETFs in February 2021, followed by spot Ether ETFs just two months later. "Canada had spot Bitcoin and spot Ethereum ETFs before the US even got futures ETFs for either asset," noted James Seyffart, an ETF analyst at Bloomberg.

Despite praise from major U.S. asset managers like Franklin Templeton for the Solana network, no firm in the United States has yet announced plans to pursue a spot Solana ETF. In contrast, Europe has seen significant activity in this space, with more than $1 billion worth of Solana ETPs already available through products like the 21Shares Solana Staking ETP and the ETC Group Physical Solana product.

If approved, 3iQ’s QSOL would not only enhance the firm’s diverse range of cryptocurrency investment options but also bolster North America’s position in the rapidly evolving digital asset market, providing investors with new opportunities to engage with one of the most dynamic blockchain networks.