Canadian company takes first step towards Solana ETF application

Following the adoption of Bitcoin and Ether spot ETFs in the US, one of the most talked about topics in the crypto world was Solana ETFs. Canadian digital asset management company 3iQ made the official application for the ETF, which will be called the Solana Fund, and took a big step forward.

Canadian company takes first step towards Solana ETF application

Canadian digital asset/cryptocurrency management company 3iQ has filed a formal application with the country’s regulator for the Solana ETF. 3iQ also officially announced the application. If the fund is approved, the ETF will be listed on the Toronto Stock Exchange (TSE).

“We have officially submitted the preliminary draft file for the Solana Fund (QSOL) in Canada,” 3iQ said in a statement. The preliminary draft file is the first document a company submits to the regulator to offer some securities to the public.

The company’s statement also said that if the Solana ETF is approved, it will be a first for the North American region.

Staking will also be included

Clients holding the Solana ETF will also benefit from staking revenues, which are “estimated” to be between 6 and 8%, the statement added. In the case of Ether spot ETFs in the US, the SEC did not accept this and asked issuers to remove staking from their ETF applications. All companies later removed the staking activity from their applications.

For staking services in the Solana Fund, 3iQ will receive services from the Coinbase exchange. Coinbase Custody and Tetra Trust were also contracted for custody services.

3iQ also provides Bitcoin and Ether ETF services. Bitcoin and Ether ETFs were approved in Canada in February, during the hottest days of the 2021 bull season.

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