Ark Invest Makes Its First Solana Bet By Adding Exposure to 3iQ Solana Staking ETF (SOLQ)

Ark Invest, the asset management firm owned by Cathie Wood, has gained its first exposure to Solana as the broader financial market expands its adoption of cryptocurrencies.

Asset management firm Ark Invest has gained its first exposure to Solana as the broader financial market expands its adoption of cryptocurrencies.

The firm, which is managed by Cathie Wood, has added exposure to two tech investment vehicles via the 3iQ Solana Staking ETF (TSX:SOLQ).

According to a Citywire report, the ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF) now have SOLQ in their respective portfolios.

These Cathie Wood’s funds bought 237,500 shares of SOLQ apiece, which comes amid reports that 3iQ’s Solana ETF has quickly become a hit with investors.

Canadian regulators approved the 3iQ SOL ETF for trading earlier this month, alongside other crypto funds from Purpose, Evolve, and CI. These ETF products went live as scheduled on April 16, placing them in line for mainstream exposure.

As Ark Invest stated in its prospectus for ARKW, the Solana architecture and its design for speed and efficiency make it ideal for the next generation of the internet.

With the bet, the Cathie Wood firm has also made history as the first U.S.-based ETF to gain exposure to Solana.

Earlier this year, 3iQ Group, a digital asset management firm, announced the launch of the world’s first Solana (SOL) ETF on the Toronto Stock Exchange (TSX).

The 3iQ Solana Staking ETF (TSX:SOLQ) provides investors with a unique opportunity to invest in the rapidly growing Solana ecosystem.

Solana is a high-throughput, low-latency blockchain that is known for its speed and efficiency in processing transactions. The Solana network can handle up to 65,000 transactions per second (TPS), compared to an average of 1.5 TPS for Bitcoin and 15 TPS for Ethereum.

This exceptional throughput is achieved through a novel consensus mechanism called "Proof of Stake and Relative Time." It leverages the collective participation of multiple nodes to validate transactions and maintain the integrity of the blockchain.

The 3iQ SOL ETF is a fully managed and actively traded ETF that tracks the performance of the Solana cryptocurrency. The ETF is designed to provide investors with a liquid and transparent vehicle for investing in the digital asset markets.

Investors who are interested in gaining exposure to the Solana ecosystem can invest in the 3iQ SOL ETF through their preferred brokerage accounts. As of April 13, the 3iQ SOL ETF is available for trading on the TSX.