Canada-based asset manager 3iQ has filed a preliminary prospectus for a Solana (SOL) ETP (exchange-traded product) on the Toronto Stock Exchange (TSX). The investment vehicle is called The Solana Fund, under the ticker name QSOL.
The fund aims to provide investors with exposure to SOL. The Coinbase Custody Trust Company, LLC will act as custodian for the fund. According to the official release, 3iQ will utilize Coinbase Custody’s institutional staking infrastructure to support SOL staking as well.
Also Read: After Ethereum ETF, Dogecoin; Solana; And XRP Next In Line?
3iQ has a good track record of offering crypto-based investment vehicles in Canada. The firm launched the nation’s first Bitcoin (BTC) and Ethereum (ETH) funds.
According to Greg Benhaim, Executive Vice President of Product and Head of Trading at 3iQ, “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.“
Will Solana rally if an ETP is launched?
SOL has faced a significant price dip over the last few days. The asset’s price has gradually dipped since April, when it was trading for over $200.
Also Read: Solana (SOL) Weekend Price Prediction: Will It Reclaim $140?
A Solana ETP could lead to a surge in new funds for the asset. The US Securities and Exchange Commission approved 11 Bitcoin ETFs earlier this year which led to BTC hitting a new all-time high. We may witness a similar pattern with SOL.
An SOL ETP alone might not be enough to push the asset’s price. The overall crypto market sentiment seems low. Investors are cautious and BTC miners have been capitulating after the price of mining one BTC surpassed $86,000 earlier this week. BTC has to change its trend for the larger market to pick up steam.
