Canada Regulators Approve World’s First Solana Spot ETFs

Canada is set to welcome multiple spot exchange-traded funds (ETFs) that would track the performance of Solana (SOL). 

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Bloomberg ETF analyst Eric Balchunas shared the development on Monday, noting that the SOL ETFs will hit the Canadian market on April 16, 2025. 

The anticipated launch comes after the Ontario Securities Commission (OSC) approved multiple issuers to launch spot SOL ETFs in Canada yesterday. 

Notably, the approved issuers include prominent names like 31Q, Purpose Investments, CI Global Asset Management, and Evolve. These financial institutions will issue the spot Solana ETFs later this week. 

Canada’s Spot SOL ETFs Support Staking  

While the ETFs will directly invest in SOL and hold the coin, they will track a different Solana price index. The OSC permits the Solana ETF issuers to stake a portion of the SOL holdings, which could give investors additional returns. 

Balchunas attached a note from Canada-based financial institution TD (Toronto-Dominion) Bank, which claims that the yields from staking SOL may be higher than those generated from Ethereum staking. 

The note characterizes the funds as ‘the world’s first spot Solana ETFs,’ suggesting that the approved products are the first of their kind.