Canada Leads the Way with Launch of Spot Solana ETFs

Canada has become the first jurisdiction to launch spot Solana (SOL) exchange-traded funds (ETFs). As of yesterday, April 16, 2025, four asset managers – Purpose, Evolve, CI, and 3iQ – began trading their Solana ETFs on the Toronto Stock Exchange, following approval from the Ontario Securities Commission (OSC).

This landmark decision sets Canada apart from its southern neighbor, the United States, where similar applications for spot Solana ETFs from firms like Grayscale, Bitwise, and VanEck are still awaiting regulatory approval from the Securities and Exchange Commission (SEC). Currently, the only Solana-related ETF products available in the U.S. track futures contracts, which have seen limited investor interest.

Bloomberg ETF analyst Eric Balchunas confirmed the Canadian debut, highlighting the significance of these funds as the first opportunity to observe how altcoins like Solana perform within the ETF structure. These new ETFs will allow Canadian investors to gain exposure to Solana without the complexities of direct ownership and management of the digital asset.

A unique feature of the Canadian Solana ETFs is the potential for staking the underlying SOL tokens. This could translate to higher yields for investors compared to existing Ether staking ETF products in the region, making them particularly attractive. The OSC's green light for these products follows a regulatory update in January that permitted publicly traded funds to hold cryptocurrencies.

The SOL token is 5.7% up in the past 24 hours to $132, 13.53% up in the past week, per Coinmarketcap data.