This comes as no surprise for ARK Invest, though their latest move is definitely a bold move in ARK’s Solana market. They have placed over CAD$90 million into the 3iQ Solana ETF. This investment makes ARK Invest the first U.S.-listed asset manager to achieve focused exposure to Solana through an ETF. The move further underscores increasing institutional interest in Solana, which is a high-speed, low-cost blockchain designed for securely powering decentralized apps and cryptocurrencies.

Cathie Wood’s ARK Invest took a calculated risk by going all in on the investment through two funds. They used ARK’s Next Generation Internet ETF and ARK’s Fintech Innovation ETF to do so. Each of the two ARK funds purchased 237,500 shares of the 3iQ Solana ETF.

The 3iQ Solana ETF began trading on the Toronto Stock Exchange on April 16. It provides investors with direct exposure to Solana and provides appealing staking rewards. It is, as of the writing of this announcement, the only regulated investment vehicle of its kind for Solana in North America. With collaborative work from prominent validators Figment and Twinstake, the ETF provides investors with instant staking rewards.

As of writing, Solana is the second largest blockchain by total value locked (TVL) – over USD$7 billion. It has since established itself as the foremost blockchain for decentralized applications. Solana has not yet been approved for a spot ETF in the U.S. Still, the first Solana futures on the Chicago Mercantile Exchange provided some fuel to the fire of speculation surrounding a U.S.-listed Solana ETF.

U.S. regulators are also in the process of considering a host of other crypto ETFs, including ones tied to XRP, Litecoin, and Dogecoin. 3iQ, the company behind the Solana ETF, has a track record as a leader in delivering fully regulated digital asset investment products. Among their prior launches are Canada’s first publicly traded Bitcoin and Ether funds.