Regulatory Approval Granted to Launch Solana (SOL) Spot ETFs

The Ontario Securities Commission (OSC) has approved prominent asset managers—Purpose, Evolve, CI, and 3iQ—to launch spot Solana ETFs

The Ontario Securities Commission (OSC) has approved prominent asset managers—Purpose, Evolve, CI, and 3iQ—to launch spot Solana ETFs, a move that could bring the first-ever Solana ETFs to North America, according to a private client note from Canadian financial institution TD Bank.

The approval for these ETFs, which was spotted by blockchain analyst Ben Armstrong, comes as part of a broader initiative to expand the range of digital asset investment products available to Canadian investors. At least one of the funds, 3iQ’s Solana Fund, is planning to include staking in its strategy, offering the potential for annual yields of 6% to 8% in addition to exposure to the price of Solana (SOL).

The Canadian institution notes that these ETFs will be the first of their kind in North America to offer spot exposure to Solana, providing investors with a direct and regulated way to invest in the blockchain through traditional financial markets.

The funds are still pending approval from the TSX, but they are expected to launch imminently, likely this week. They will also be available in every province except Quebec.

These ETFs will offer a new avenue for investors to engage with the Solana ecosystem, which has gained significant momentum in recent years. Solana’s high throughput and low transaction fees have made it a preferred network for DeFi protocols and Web3 applications.

This move underscores Canada’s leadership in the realm of crypto ETPs. It approved the world’s first spot Bitcoin ETF in February 2021 and followed up two months later with spot Ether ETFs. Now, with the introduction of Solana ETFs, it continues to expand the variety of digital asset investment products available within its regulatory framework.

As the crypto market matures, the launch of spot Solana ETFs in Canada marks a significant development, offering both retail and institutional investors new opportunities to participate in the growth of the Solana ecosystem through regulated and accessible investment vehicles.