After days of speculation, an applicant has filed for a new Solana ETF in Canada with the goal of launching the first Solana exchange-traded product in North America.
3iQ, a digital asset manager, has applied for a new Solana ETF in Canada. In a press release, the firm claimed it is bidding to launch the first Solana exchange-trade product (ETP) in North America. If it receives the go-ahead, the ETF will start trading on the Toronto Stock Exchange. Calling the ETP ‘The Solana Fund,’ 3iQ explained the details of the fund in its press release.
Firstly, it introduced the many applications of the Solana blockchain. It went on to urge investors to invest in the fund, citing the potential of Solana. Moreover, the firm said investors will be able to avoid technical challenges and complexities of digital asset management with the fund.
3iQ stated, “The Solana Fund offers easy exposure to SOL without technical complexity. Investors will be able to buy and sell Class A Units on the TSX and is eligible for registered accounts in Canada, making it a tax-efficient, long-term investment option.”
It also revealed its partnership with two prominent crypto firms for storing its assets in cold storage. The security protocols in conjunction with its partners will help avoid cyber threats, added the firm. It also explained its strategy of staking Solana to earn returns. 3iQ will also reinvest the yields of approximately 6-8% for deriving exponential returns for its users.
The news of the Solana Fund comes just a month after the crypto community had speculated on a Solana ETF. Since January, the subject of crypto ETFs has headlined the crypto sector. Investors have poured billions into the crypto ETFs in the US. New crypto ETFs are likely to come up in several countries gradually, as Canada has shown.
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