3iQ, an alternative digital asset manager, is set to unveil its SOL staking exchange-traded fund (ETF) on the Toronto Stock Exchange today, with Figment serving as its primary staking provider.
The Solana Staking ETF (TSX: SOLQ) marks the first direct incorporation of Proof-of-Stake rewards from the Solana protocol into its investment strategy, as highlighted in a recent press release. Trading is slated to commence on April 16.
Both teams describe their collaboration as an “all-Canadian partnership.” 3iQ previously made headlines as the first company to launch a Bitcoin ETP on a significant global exchange with its 3iQ Bitcoin ETF, and continues to expand its portfolio with various regulated ETPs.
Figment, recognized as one of Solana’s genesis validators, is equipped with specialized Solana product and protocol teams dedicated to developing advanced staking solutions. These solutions focus on optimizing validator performance and enhancing reward generation.
The 3iQ Canadian Solana ETF has enlisted Figment as the staking provider for its Solana Staking ETF (SOLQ). Following its approval by the Ontario Securities Commission (OSC) on April 14, it is scheduled to list on the Toronto Stock Exchange on April 16. The fund anticipates a…
— Wu Blockchain (@WuBlockchain) April 16, 2025
Figment reports managing over $15 billion in staked assets that encompass more than 40 different asset managers, exchanges, wallets, foundations, custodians, and major token holders. They offer complete staking solutions to over 700 institutional clients.
Additionally, Figment holds the title of the largest non-custodial staking provider for both staked ETH and SOL on the Ethereum and Solana networks, according to their team.
Lorien Gabel, CEO and co-founder of Figment, stated that as a genesis validator in Solana, the firm is “uniquely positioned to power this groundbreaking ETF.” He emphasized that the combination of institutional-grade staking infrastructure with traditional investment vehicles makes sustainable staking yields accessible to a broader range of investors.
3iQ’s Solana Staking ETF is being launched during a period of ongoing discussions within the US Securities and Exchange Commission (SEC) regarding the approval of staking within US-based ETFs. Meanwhile, Canada, Hong Kong, and Europe have made significant strides in this area, with institutions like BlackRock indicating that staking represents the logical next step for ETPs.
The Ontario Securities Commission (OSC) granted approval to 3iQ’s SOL fund on April 14, along with several other fund managers who applied to offer SOL ETFs, including Purpose, Evolve, and CI.
Notably, these firms will have the opportunity to stake a portion of their SOL assets through the prominent Canadian financial institution, TD Bank.
FWIW, the 2 Solana ETFs in the US (which track futures so not a perfect guinea pig) haven’t garnered significant assets under management. The 2x XRP already surpasses both Solana ETFs in AUM, having launched later. This is our first glimpse into the altcoin race.
— Eric Balchunas (@EricBalchunas) April 14, 2025
The announcement further asserts that the 3iQ-Figment partnership “showcases the maturation of Proof-of-Stake assets’ integration into institutional investment vehicles.”
With Figment’s extensive staking infrastructure and deep protocol expertise, investors will gain seamless access to rewards from the Solana network through familiar investment products, the statement elaborates.
According to Pascal St-Jean, President and CEO of 3iQ, the Solana staking ETF builds upon the Ether Staking ETF launched by the company in 2023.
This collaboration not only reinforces their pioneering reputation in launching innovative investment products but also emphasizes their commitment to partnering with top-tier firms that share their vision to unlock the full potential of the digital asset ecosystem, the CEO added.
Currently, SOL is trading at $124, reflecting a 5.2% decline over the day, a 4% drop over the month, and a 10% decrease over the year, although it has risen by 16% within the last week.
The price reached its all-time high of $293 in January 2025 and has since seen a drop of 58%.
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