Toronto-based Sol Strategies has been selected as the staking provider for 3iQ Corp.’s proposed Solana Staking ETF, marking a significant step toward regulated exposure to Solana staking rewards in Canada.
The announcement, made Tuesday, highlights Sol Strategies’ role in supporting institutional-grade staking solutions.
“Sol Strategies’ institutional-grade infrastructure and proven track record in this ecosystem made them the clear choice,” said Pascal St-Jean, CEO and President of 3iQ, in a press release. “Their compliance framework and validator performance align perfectly with our commitment to providing regulated, secure digital asset exposure to investors.”
Sol Strategies Expands Institutional Staking Solutions
Formerly known as Cypherpunk Holdings, Sol Strategies has pivoted toward staking investments and Solana-based infrastructure development. The firm seeks to capitalize on staking rewards and blockchain infrastructure, strengthening its position as a key player in the evolving institutional staking ecosystem.
3iQ, a global digital asset investment manager with $1 billion in assets under management (AUM), has been at the forefront of regulated crypto investment vehicles. On January 28, 2025, the firm submitted preliminary prospectuses with the Ontario Securities Commission (OSC) and other Canadian regulators to list both the 3iQ Solana Staking ETF and the 3iQ XRP ETF on the Toronto Stock Exchange (TSX).
If approved, these funds would be the world’s first ETFs offering direct exposure to Solana and XRP, representing a landmark development for crypto-based exchange-traded funds.
Growing Interest in Alternative Crypto ETFs
The push for a Solana Staking ETF comes at a time when institutional interest in alternative crypto assets is expanding beyond Bitcoin and Ethereum. This shift has been largely influenced by President Donald Trump’s pro-crypto stance and his administration’s pledge to reform the regulatory landscape for digital assets.
In the U.S., the Securities and Exchange Commission (SEC) recently solicited public comments on a proposal to list and trade shares of the Grayscale Solana Trust, a potential move toward converting it into a fully-fledged exchange-traded product (ETP). Meanwhile, Bloomberg analysts estimate that spot Solana ETFs have a 70% chance of approval in 2025, reflecting growing optimism among institutional investors.
Sol Strategies Strengthens Market Position
Commenting on the partnership, Sol Strategies CEO Leah Wald emphasized the importance of regulated staking solutions in broadening institutional participation in digital assets.
“Being selected as 3iQ’s staking partner validates our infrastructure and demonstrates the growing demand for regulated staking solutions,” Wald said. “This partnership represents a pivotal moment for institutional Solana staking, allowing traditional investors to access staking rewards through a regulated investment vehicle.”
As of January 31, 2025, Sol Strategies and its subsidiaries held a total of 189,968 SOL, acquired at an average purchase price of $179 per SOL.
The firm’s stock (HODL), which trades on the Canadian Securities Exchange, has experienced a meteoric rise, surging over 2,000% in 2024. Additionally, Sol Strategies is currently trading over-the-counter in the U.S. and has announced plans to list on the Nasdaq, further positioning itself as a key player in the institutional adoption of crypto staking.
