The 3iQ Solana Staking ETF (SOLQ.U) has logged impressive gains since its debut a week ago, with Cathie Wood-led Ark Invest emerging as a major buyer.
What happened: The exchange-traded fund exposes investors to the price moves of Solana (CRYPTO: SOL), the sixth-largest cryptocurrency by market capitalization, while also generating passive rewards through staking.
The investment vehicle began trading on the Toronto Stock Exchange on April 16 and has since gained around 18% in value.
The ETF has drawn the interest of Ark, the asset management firm led by experienced investor Wood.
Ark Fintech Innovation ETF (BATS:ARKF) holds about 482,680 shares of the ETF, amounting to a stake worth $5.43 million, according to Ark’s latest reported holdings.
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Notably, the underlying asset SOL has also surged, gaining 13% in the last seven days. The Open Interest has surged 20% over the week to $5.63 billion, according to Coinglass.
While U.S. regulators have yet to approve any Solana ETFs, asset managers including VanEck, Bitwise, and Grayscale have filed applications. The odds of their approval in 2025 stood at 73% on Polymarket, a cryptocurrency-based betting platform.
Price Action: At the time of writing, SOL was exchanging hands at $148.78, down 1.52% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the cryptocurrency has fallen 21.38%. Shares of the Solana Staking ETF closed 4.17% higher at $11.73 during Wednesday’s trading session.
Meanwhile, the ARKF ETF exhibited a high momentum score as of this writing. Visit Benzinga Edge Stock Rankings to check out how other Ark ETFs perform on this metric.
Photo: Lee Wa Da/Shutterstock
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