The Solana product, QSOL, seeks to provide shareholders with staking yield accrued from the Solana network.

3iQ's filing for The Solana Fund (QSOL) on Canada's Toronto Stock Exchange marks a significant milestone in the digital asset space, particularly for Solana enthusiasts. If approved, it would represent the first Solana exchange-traded product (ETP) listed in North America, offering investors exposure to the digital currency SOL and its daily price movements against the U.S. dollar.

The proposed QSOL ETP aims to provide investors with a convenient avenue to invest in Solana while potentially earning interest from native SOL staking yields, estimated to be around 6-8%. With Coinbase Custody and Tetra Trust as custodians, and Coinbase Custody offering institutional staking infrastructure for the Solana fund, the offering combines reputable custodial services with the promising staking opportunities within the Solana ecosystem.

3iQ's track record in the cryptocurrency space, with products like the 3iQ Bitcoin ETF (BTCQ) and 3iQ Ether Staking ETF (ETHQ), demonstrates its expertise and success in offering innovative digital asset investment products to investors. The firm's filing for the QSOL ETP further solidifies its commitment to providing diversified and accessible investment opportunities in the crypto market.

Canada's proactive approach to approving spot Bitcoin and spot Ethereum ETFs ahead of the United States reflects its openness to embracing cryptocurrency innovation. The approval of QSOL would further reinforce Canada's position as a leader in crypto-friendly regulatory environments, potentially paving the way for similar offerings in other jurisdictions.

While the U.S. has yet to see a concrete announcement for a spot Solana ETF, the global market already offers Solana ETPs, indicating the growing demand for exposure to this popular blockchain network. With more than $1 billion worth of Solana ETPs already available worldwide, the potential approval of QSOL in Canada adds another layer of legitimacy and accessibility to Solana investment opportunities for investors globally.