Will there be a Solana ETF in Canada?

Following the approval of Bitcoin and Ethereum ETFs in the U.S., the first Solana ETF could soon be launched on the North American continent. Canadian investment fund 3iQ has filed a corresponding application with the financial regulator in Canada. The company announced this in a press release. The index fund will be launched on the Toronto Stock Exchange as part of an IPO under the ticker QSOL.

Basically, the ETF is intended to provide access to Solana and its daily price movements in U.S. dollars, enabling long-term capital growth. In addition, investors should share in the profits generated by staking in the network. The ETF will be managed by 3iQ. Custody will be provided by Tetra Trust and Coinbase.

It is not yet clear when the Solana ETF could be launched. The mutual fund is currently working with the Ontario Securities Commission (OSC).

Meanwhile, all eyes are on the US. In the United States, some industry representatives are calling for more crypto ETFs after Bitcoin and Ethereum. Tether co-founder William Quigley, for example, believes Wall Street is greedy for new financial products.

Bloomberg analyst James Seyffart also sees Solana as the next ETF candidate. But he cautions that the spot ETF could be years away.