3iQ Digital Asset Management has made a significant stride in the Canadian digital asset market with its plan to introduce the Solana Fund, an exchange-traded product (ETP) based on Solana. This initiative showcases 3iQ’s pioneering effort as one of Canada’s leading investment fund managers exclusively focused on digital assets. If approved, the Solana Fund is set to be listed on the Toronto Stock Exchange (TSX) as “QSOL,” offering Canadian investors a distinctive opportunity to invest in Solana (SOL) and benefit from its staking income.
The Solana Fund aims to offer unitholders exposure to the digital currency SOL, tracking its daily U.S. dollar price movements. The fund also targets long-term capital appreciation and will generate staking yield from the Solana network. As a high-performance blockchain designed for decentralized applications (dApps) and smart contracts, Solana has gained traction for its impressive transaction speeds and scalability, making it a formidable contender in the smart contracts arena.
Management and Infrastructure For Solana Fund
3iQ, which will serve as both investment manager and portfolio manager for QSOL, is no stranger to leading the digital asset space in North America. The firm previously launched The Bitcoin Fund and The Ether Fund, the first publicly traded Bitcoin and Ether funds in Canada. Additionally, 3iQ’s Ether Staking ETF was the first ETP in North America to integrate Ether staking into its investment strategy.
The Solana Fund’s offering will include Class A and Class F units, with Canaccord Genuity acting as the agent. Tetra Trust and Coinbase Custody Trust Company, LLC will serve as custodians, with Coinbase Custody’s institutional staking infrastructure supporting SOL staking within the fund.
Greg Benhaim, Executive Vice President of Product and Head of Trading at 3iQ, expressed the company’s commitment to enhancing Canada’s digital asset investment landscape.
He said:
3iQ seeks to set a global standard of excellence and we’re proud to work closely with the OSC to responsibly enhance the digital asset investment landscape in Canada. As pioneers in digital asset investment management, we look forward to continuing our mission to deliver regulated investment vehicles — embodying the highest standards and working with best-in-class partners — for individual and institutional investors to efficiently access the crypto asset class.
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