ARK Invest integrates Canada's 3iQ Solana Staking ETF into its crypto funds
- ARK funds ARKW and ARKF have added Solana exposure through 3iQ's Solana Staking ETF.
- The funds are the first US-listed ETFs to offer Solana staking exposure.
- SOL is down 0.4% on Monday following the announcement.
Asset manager ARK Invest announced on Monday that it added exposure for Solana staking to its ARK Next Generation Internet (ARKW) exchange-traded fund (ETF) and ARK Fintech Innovation ETF (ARKF) through an investment in Canada's 3iQ Solana Staking ETF (SOLQ).
ARK funds add Solana staking exposure after investment in SOLQ
Ark Invest's ARKW and ARKF ETFs added Solana to their token offerings through a $5.2 million investment to purchase 500,000 of 3iQ's Solana Staking ETF (SOLQ) shares. As a result, the funds are the first US-listed product to offer Solana staking exposure in addition to their earlier investment in 3iQ Ether Staking ETF.
SOLQ — alongside other SOL ETFs from Purpose Investments, Evolve ETFs and CI Global Asset Management — launched on the Toronto Stock Exchange on April 14 after receiving approval from the Ontario Securities Commission (OSC). The products provide investors with direct exposure to Solana's (SOL) spot price while offering the opportunity to earn staking rewards.
SOLQ's inclusion in the ARK funds comes as several US asset managers await the Securities & Exchange Commission's (SEC) decision on several spot Solana ETF filings.
Their futures counterparts already received approval in the US last month after Volatility Shares launched Volatility Shares Solana ETF (SOLZ) and the 2x leveraged Solana ETF (SOLT) — both providing exposure to Solana futures rather than the underlying asset.
Meanwhile, more companies are adjusting their treasury strategies to include Solana in their reserves.
Over the past two weeks, commercial real estate firm Janover purchased 163,651 SOL for its cryptocurrency treasury. Crypto investment firm GSR also announced a $100 million investment into Upexi, backing the company's new Solana-based treasury strategy.
"This investment highlights the growing demand for efficient, secure access to high-quality crypto assets in public markets," said Brian Rudick, Head of Research at GSR in a press release on Monday. Upexi’s share price is up over 300% since the announcement.
SOL rose to $142 in the early hours of Monday before dropping to $136, down 0.4% at publication time.
Author
Michael Ebiekutan
FXStreet
With a deep passion for web3 technology, he's collaborated with industry-leading brands like Mara, ITAK, and FXStreet in delivering groundbreaking reports on web3's transformative potential across diverse sectors. In addi
