3iQ Digital Asset Management has announced its intention to bring Solana ETP to North America. The offering will span all provinces and territories in Canada except Québec. This comes after The Solana Fund filed a preliminary prospectus with relevant authorities. The idea is to begin the initial public offering for the fund’s Class A units and Class F units. If approved, The Solana Fund will be the first SOL ETP to get a listing in the region.
Meanwhile, 3iQ has also filed for Class A units under the ticker symbol QSOL with the Toronto Stock Exchange – TSX.
This is not the first time that 3iQ is bringing an ETP to the market. It had previously launched QBTC and QETH for Bitcoin and Ethereum. They remain the first publicly traded digital asset funds in Canada. Bringing QSOL adds to its reputation of being a leader in innovative segments of digital assets. 3iQ is not the only participant here. It is backed by Canaccord Genuity, which will act as an agent for the offering. Tetra Trust and Coinbase Custody Trust Company will serve as custodians, while 3iQ works as the manager for investments and portfolios.
The Solana Fund’s investment objectives with QSOL are to provide unitholders with exposure to SOL, the native crypto in the Solana ecosystem. Moreover, it aims to grant exposure to the everyday price movements of SOL/USD pairs. QSOL unitholders can expect to benefit from the network’s long-term capital appreciation and staking yield.
Greg Benhaim, the Executive Vice President at 3iQ for Product & Head of Trading, has expressed pride on everyone’s behalf by saying that they are proud to be working with OSC, adding that they will now be enhancing the landscape of digital assets responsibly. Greg has also pledged to maintain their commitment to providing investment vehicles that are regulated by authorities and adhere to all industry standards, regardless of whether they are intended for individual or institutional traders.
The announcement has had little to no impact on SOL so far. The token is down by 1.90% in the last 24 hours, exchanging hands at $132.35 at the press time. It further marks a decline of 9.89% and 27.25% in the last 7 days and 30 days. There has been a 7.97% increase in 24-hour trading volume.
SOL was earlier testing the resistance of $140. It has slipped past that mark, revising the level to $130. Members are executing it around $132 to prevent further declines. It is predicted to breach the mark of $150 in the next 30 days by attaining the mark of $154.74 at 15.88% of the current value.
3iQ Digital Asset Management has been working specifically in the digital asset sector across Canada. The introduction of Solana ETP by The Solana Fund strengthens its position as a leader and innovator.
Credit: Source link
