You Won’t Believe What This Canadian ETF is Doing with Solana! 💰

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In the latest in what can only be described as “crypto adventures,” blockchain infrastructure provider Figment has been handpicked as the chosen one—err, the staking provider—for 3iQ’s newly approved Solana exchange-traded fund (ETF). And what does this mean for you? Well, aside from Canada continuing its digital asset party, it also means there’s one more reason to hope your internet connection never goes down. 🙄

Figment will be the magic behind the curtain, enabling institutional staking for the 3iQ Solana (SOL) Staking ETF, which, in case you were wondering, launches on the Toronto Stock Exchange on April 16 under the ticker SOLQ. Yes, it’s happening—mark your calendars, unless you have a better hobby. 📅 The companies, in their infinite wisdom, kindly informed the world of this development in a statement. So far, Figment has managed to impress over 700 clients. That’s quite the fanbase. 🏆

Meanwhile, the Ontario Securities Commission (OSC), Canada’s version of the “fun police” but for finance, gave the green light on April 14. In fact, 3iQ wasn’t the only one to get the nod. The OSC also allowed other brave fund managers like Purpose, Evolve, and CI to offer their own SOL ETFs. A true Canadian free-for-all! 🎉

Oh, and here’s a fun tidbit: According to Bloomberg’s ever-reliable ETF analyst, Eric Balchunas, these funds are now allowed to stake part of their SOL holdings through TD Bank, which—let’s face it—sounds way more interesting than their usual “please stand by while we calculate your mortgage rate” activities. 🏦

As if that wasn’t enough, 3iQ estimates that their shiny new SOL fund will provide yields somewhere between 6% and 8%. Don’t spend all your future staking rewards in one place, okay? 💸

3iQ Takes the Crypto ETF Crown, While US Regulators… Keep Thinking About It 🤔

While US regulators continue to stare at the idea of crypto-related fund offerings like a deer caught in headlights, Canada is absolutely smashing it, starting all the way back in 2021. That was the year 3iQ launched its Bitcoin (BTC) spot ETF, and it was an immediate success—crossing $1 billion in net assets faster than you can say “blockchain.” 🚀

It would take nearly three years of agonizing deliberation before the US regulators were finally ready to approve their own spot Bitcoin ETFs. But when they did, it was an absolute avalanche, with over $38 billion in net inflows. Now that’s what we call “making up for lost time.” 🤑

And 3iQ? Well, they weren’t content with just Bitcoin. In October 2023, they went ahead and launched an Ether (ETH) ETF, which gives investors direct access to the smart contract platform. But unlike the US Ether ETFs that came in the following year, 3iQ decided to be nice and throw in some staking rewards. Because who doesn’t love a bonus? 🎁

As the ever-informative CryptoMoon recently reported, the US might finally be getting their act together and approving staking rewards after they gave exchanges the green light to list options contracts tied to ETH. Slow and steady wins the race, right? 🐢

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2025-04-16 00:06