Cathie Wood’s ARK Invest has become the first U.S.-listed asset manager to gain exposure to Solana through an ETF.
This came about after 3iQ Corp announced on Monday that its 3iQ Solana Staking ETF had passed the CAD$90 million mark.
Two of its funds—the ARK Next Generation Internet ETF (BATS: ARKW) and ARK Fintech Innovation ETF (BATS: ARKF)—bought 237,500 shares each of the 3iQ Solana ETF, listed in Canada. This investment follows Canadian regulators’ recent approval of several spot Solana ETFs, including 3iQ’s, which began trading on the Toronto Stock Exchange on April 16.
SOLQ launched last week with a 0 per cent management fee for the first 12 months, making it highly competitive. The ETF invests in long-term Solana (SOL) holdings purchased from top digital asset platforms and OTC counterparties. It will also offer investors attractive staking rewards through partnerships with leading validators Figment and Twinstake.
Cathie Wood is the founder and CEO of ARK Invest, a prominent asset management firm known for its focus on disruptive technologies. Furthermore, Wood is known for pioneering innovative investment strategies centered on high-growth, tech-driven sectors.
The 3iQ Solana ETF lets investors gain direct exposure to Solana while earning staking rewards. It is also currently the only regulated investment vehicle of its kind for Solana in North America. Although the U.S. has not approved a spot Solana ETF, ARK’s move offers U.S. investors indirect access to Solana through a listed fund.
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3iQ has expanded offerings to include many major coins
Solana ranks as the second-largest blockchain by total value locked (TVL), with over USD$7 billion, behind Ethereum’s USD$45 billion. Known for fast, low-cost transactions, Solana has become a leading blockchain for decentralized applications. Despite past network outages, it continues to see growing adoption and developer interest.
This milestone marks 3iQ’s ongoing track record as a leader in delivering fully regulated digital asset investment products. These include Canada’s first publicly traded Bitcoin and Ether funds, The Bitcoin Fund (TSE: QBTC) and The Ether Fund (BATS: QETH). In October 2023, The Ether Fund and the 3iQ Ether Staking ETF (TSE: ETHQ) became the first North American exchange-traded products (ETPs) to incorporate staking Ether into their strategies.
They also already hold positions in companies like Coinbase Global (NASDAQ: COIN), Robinhood (NASDAQ: HOOD), and Block Inc (NYSE: XYZ). By adding SOLQ, they expand crypto exposure beyond Bitcoin and Ethereum. ARK also holds positions in 3iQ’s Ether Staking ETF and manages the ARK 21Shares Bitcoin ETF (BATS: ARKB), a U.S.-listed spot Bitcoin ETF with nearly $4 billion in assets.
This move reflects growing institutional interest in digital assets. Several traditional firms are exploring crypto trading services. U.S. regulators are reviewing additional crypto ETFs, including ones for XRP, Litecoin, and Dogecoin. The launch of Solana futures on the Chicago Mercantile Exchange has raised expectations for a U.S.-listed Solana ETF.
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