3iQ has announced that The Solana Fund has filed a preliminary prospectus with securities regulatory authorities across all Canadian provinces and territories, except Quebec. This filing pertains to an initial public offering of Class A units and Class F units of the Fund.
Additionally, 3iQ has applied to list on the Toronto Stock Exchange (TSX) under the ticker “QSOL”. If approved, this would mark the first Solana (SOL) exchange-traded product (ETP) to be listed in North America.
The Solana Fund aims to provide its unitholders with:
- Direct exposure to the digital currency SOL and the daily price movements of its U.S. dollar value.
- Opportunities for long-term capital appreciation.
- Staking yields generated by the Solana network.
3iQ will serve as both the investment manager and portfolio manager for QSOL. Canaccord Genuity is the agent for the offering, while Tetra Trust and Coinbase Custody Trust Company, LLC will act as custodians. To support SOL staking within the Solana Fund, 3iQ will leverage Coinbase Custody’s institutional staking infrastructure.
SOL is the native digital asset of the Solana blockchain, a decentralized network engineered for high-performance decentralized applications (dApps) and smart contracts. Solana, often considered a formidable contender to Ethereum, stands out for its impressive transaction speeds and scalability. Since its launch in 2020, Solana has emerged as a key player in the smart contracts arena, attracting developers and users with its rapid processing capabilities and proof-of-stake consensus mechanism. Currently, it is the second-largest smart contract platform by market capitalization and trading volume, offering a robust environment for the next generation of decentralized finance (DeFi) applications. This makes Solana a strategic choice for 3iQ to structure into an ETP.
By launching the Solana Fund, 3iQ is poised to tap into the growing interest in digital assets and decentralized finance, providing investors with innovative opportunities to engage with the evolving cryptocurrency landscape. The listing of QSOL on the TSX could significantly enhance accessibility and investment in Solana, reinforcing its position as a leading digital asset in the DeFi space.