Canada Becomes the First Jurisdiction to Launch Spot Solana (SOL) 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,

Canada has become the first jurisdiction to launch spot Solana (SOL) exchange-traded funds (ETFs), according to reports.

As of yesterday, April 16, 2025, four asset managers – Purpose, Evolve, CI, and 3iQ – commenced trading their Solana ETFs on the Toronto Stock Exchange, following approval from the Ontario Securities Commission (OSC).

This marks a significant milestone, especially considering that the U.S. is yet to see similar applications approved by the Securities and Exchange Commission (SEC). Firms like Grayscale, Bitwise, and VanEck have been awaiting the SEC’s verdict on their applications for spot Bitcoin ETFs, while Harvest Applied Science also seeks approval for a Solana ETF.

At present, the only Solana-related ETF products available in the U.S. track futures contracts, and they have reportedly seen limited investor interest. However, Bloomberg ETF analyst Eric Balchunas confirmed the Canadian launch, noting that these will be the first altcoins to be launched in an ETF structure.

These new ETFs will enable Canadian investors to gain exposure to Solana without the intricacies of buying, managing, and securing the digital asset personally. A unique aspect of the Canadian Solana ETFs is the potential for staking the underlying SOL tokens.

This could result in higher yields for investors compared to existing Ether staking ETF products in the region, rendering them even more appealing. The OSC’s approval comes after the regulator updated the rules in January to allow publicly traded funds to invest in cryptocurrencies.

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