After the recent approval of Bitcoin and Ethereum Spot ETFs in the US, it seems that an altcoin is now following in their footsteps. 3iQ Corp, a prominent investment fund manager in Canada, has filed to launch the first Solana Exchange Traded Fund (ETF) in Canada, marking the first of its kind in North America. The ETF, which will be traded under the ticker QSOL, aims to provide investors with direct exposure to SOL, the native cryptocurrency of the Solana blockchain network.
This move is being seen as significant by Bloomberg’s ETF analyst James Seyffart, who points out that Canada had spot Bitcoin and Ethereum ETFs before the US had futures ETFs for these assets. The Solana Fund will be introduced through an Initial Public Offering (IPO) and will offer investors a way to invest in SOL without the complications and technicalities of digital asset management.
Launched in 2020, Solana has quickly become one of the largest and fastest blockchain networks globally, boasting a market value of around $65 billion. Unlike Bitcoin, which was primarily designed as a payment system, Solana was specifically created for high-performance blockchain applications. Its focus on high processing speeds and low costs has made it particularly attractive to developers.
In terms of security, 3iQ has partnered with Tetra and Coinbase to keep the assets of the Solana Fund in cold storage, ensuring the highest level of protection for investors. Additionally, as part of its investment strategy, the fund will stake investor SOLs to earn rewards. Staking allows investors to earn passive income, with estimated returns ranging from 6-8%. These rewards, after deducting applicable fees, will be reinvested for the benefit of shareholders.
It is important to note that this article does not constitute investment advice. For those interested in investing in a wide range of cryptocurrencies, Binance exchange offers over 300 options and provides a 20% commission discount for registration through the provided link. For exclusive news, analytics, and on-chain data, readers can also follow the Telegram and Twitter accounts of the platform.
