Figment to power 3iQ's newly approved Solana exchange-traded fund (ETF)

Blockchain infrastructure provider Figment has been selected as the staking provider for 3iQ's newly approved Solana ETF, underscoring Canada's continued efforts

Canadian blockchain infrastructure provider Figment has been selected as the staking provider for 3iQ's newly approved Solana exchange-traded fund (ETF), the companies said on Friday.

The 3iQ Solana (SOL) Staking ETF is set to launch on the Toronto Stock Exchange on April 16 under the ticker SOLQ.

Figment will enable institutional staking for the ETF, which is being managed by 3iQ, a digital asset investment firm. The Ontario Securities Commission (OSC) approved the ETF on Thursday.

The approval was also extended to other fund managers who are seeking to offer SOL ETFs, including Purpose, Evolve and CI.

The funds are permitted to stake a portion of their SOL holdings through TD Bank, Canada's second-largest financial institution by assets.

Good news keeps coming for the #blockchain industry! 🤩

Canadian regulators have now approved Solana ETFs from 3iQ, Purpose, and Evolve. 🪪

The funds will be able to stake a portion of their SOL holdings through TD Bank, Canada's second-largest financial institution by assets. 🪙

The move underscores. . . https://t.co/pG4mN8q70v

— Eric Balchunas (@EricBalchunas) April 14, 2024

3iQ's SOL fund is expected to provide yields of between 6% and 8%, according to the firm's website.

The ETF will invest in units of the i3 Innovation Trust, a covered warrant that provides exposure to the price of SOL.

3iQ is a leading provider of crypto ETFs in Canada. The firm's flagship product is its Bitcoin ETF, which crossed $1 billion in net assets earlier this year.

In October, 3iQ launched an ETF tied to Ether (ETH), giving investors direct access to the smart contract platform.

The approval of the Solana ETFs is the latest sign of Canada's commitment to becoming a global hub for digital asset financial products.

It is also noteworthy that the approval comes as US regulators are still considering various crypto-related fund offerings.

Earlier this year, the US Securities and Exchange Commission (SEC) postponed its decision on several applications for spot Bitcoin ETFs.

However, in recent months, regulators have begun to open the door to more advanced crypto products.

In March, the exchange regulator approved options contracts tied to Ether, which will allow traders to speculate on the cryptocurrency's future price movements.

The approval of the Solana ETFs could pave the way for even more sophisticated crypto products to be listed in the US.

This could unlock billions of dollars in new investment potential, as JPMorgan Chase & Co. analysts have estimated that Solana ETFs alone could attract $3 billion to $4 billion in investments.output: Figment, a leading provider of blockchain infrastructure solutions, has been selected as the staking provider for 3iQ's new Solana exchange-traded fund (ETF).

The 3iQ Solana (SOL) Staking ETF is set to launch on the Toronto Stock Exchange on April 16 under the ticker SOLQ. The ETF will be managed by 3iQ, a digital asset investment firm.

The Ontario Securities Commission (OSC) has approved the ETF and extended its approval to other fund managers who are planning to offer their own SOL ETFs, including Purpose, Evolve and CI. The funds are permitted to stake a portion of their SOL holdings through TD Bank, Canada's second-largest financial institution by assets.

The move underscores Canada's continued efforts toward adoption of digital asset financial products. It is also noteworthy as US regulators are still considering various crypto-related fund offerings.

Earlier this year, the US Securities and Exchange Commission (SEC) postponed its decision on several applications for spot Bitcoin ETFs. However, in recent months, regulators have begun to open the door to more advanced crypto products.

In March, the exchange regulator approved options contracts tied to Ether, which will allow traders to speculate on the cryptocurrency's future price movements. The approval of the Solana ETFs could pave the way for even more sophisticated crypto products to be listed in the US. This could unlock billions of dollars in new investment potential, as JPMorgan Chase & Co. analysts have estimated that Solana ETFs alone could attract $3 billion to $4 billion in investments.