Canadian Solana ETF from 3iQ selects Figment as staking provider
The Ontario Securities Commission, the provincial regulator, approved 3iQ's SOL Staking ETF earlier this week.
The blockchain infrastructure provider Figment has been selected as the staking provider for 3iQ's recently approved Solana exchange-traded fund (ETF), highlighting Canada's ongoing efforts toward the adoption of digital asset financial products.
Figment will enable institutional staking for 3iQ's Solana Staking ETF
SOL
€109.88
, which will launch on the Toronto Stock Exchange on April 16 under the ticker SOLQ, the companies said in a statement. In addition to 3iQ, Figment provides staking infrastructure solutions to more than 700 clients.
The Ontario Securities Commission (OSC), a provincial regulator, greenlighted 3iQ's SOL fund on April 14. The approval also extended to other fund managers looking to offer SOL ETFs, including Purpose, Evolve, and CI.
As Bloomberg ETF analyst Eric Balchunas reported, the funds are allowed to stake a portion of their SOL holdings through TD Bank, the second-largest financial institution in Canada by assets. 3iQ estimates that its SOL fund will provide returns between 6% and 8%, according to its website.
3iQ leads Canadian cryptocurrency ETFs while U.S. regulators delay
While U.S. regulators continue to consider various cryptocurrency-related fund offerings, Canada has been leading the curve in adoption since 2021. That was the year 3iQ launched its Bitcoin ETF
BTC
€73,676
, which crossed $1 billion in net assets almost immediately.
It would take nearly three more years before spot Bitcoin ETFs were approved in the United States..
