Canada is poised to make history in the crypto-finance world with the launch of the first-ever spot Solana (SOL) exchange-traded funds (ETFs). According to Bloomberg ETF analyst Eric Balchunas, four asset managers—Purpose, Evolve, CI Global Asset Management, and 3iQ—have received approval from the Ontario Securities Commission (OSC) to issue SOL-based ETFs, with listings expected to go live on Wednesday, April 16.
This development puts Canada ahead of major global players in launching regulated spot ETFs tied directly to the price of Solana. Balchunas shared a screenshot of an official circular from TD Bank confirming the regulatory approval.
Built-In Staking and Potential Yield Advantages
The newly approved ETFs will offer built-in staking functionality, allowing investors to earn passive income on their holdings. The circular notes that Solana staking yields may outperform those of Ethereum, while potentially lowering the overall cost of ETF ownership for retail and institutional investors.
By enabling staking within the ETF structure, these products offer a novel hybrid between traditional finance and decentralized rewards—a move likely to appeal to long-term crypto holders looking for added utility.
Canada Outpaces the U.S. on Crypto ETF Innovation
Interestingly, Canada’s regulatory greenlight comes ahead of pending applications by major asset managers such as Grayscale, Bitwise, 21Shares, Canary, and VanEck, who are still awaiting decisions from the U.S. Securities and Exchange Commission (SEC). These firms are expected to launch similar products once U.S. regulators provide clarity.
Meanwhile, the U.S. market has only seen limited traction in Solana ETFs. Two futures-based SOL ETFs launched in March by Volatility Shares have reportedly garnered minimal investor interest and remain small in terms of assets under management.
“Those U.S. funds tracking Solana futures really didn’t catch on,” noted Balchunas. “They’re very small in dollar terms.”
What This Means for the Market
The approval of spot Solana ETFs marks a significant moment for altcoin legitimacy and regulatory recognition. If successful, Canada’s model could inspire similar movements in other jurisdictions and boost institutional interest in non-Bitcoin and non-Ethereum assets.
With higher staking yields and first-mover advantage, Canada’s Solana ETFs may soon become a benchmark for next-generation crypto investment products.
