Canada Approves World’s First Spot Solana ETFs with Staking
Canada has made a significant move in the crypto investment space by approving the world’s first spot Solana (SOL) ETFs, which include a staking feature. Approved by the Ontario Securities Commission, these ETFs will launch on April 16, 2025, reflecting growing investor interest and Solana's increasing network activity. Recently, Solana recorded over 355 million transactions and saw a 25% price surge within a week.
Unlike traditional crypto ETFs, these new products will offer SOL staking, allowing investors to potentially earn rewards while contributing to network security. TD Bank suggests Solana’s staking yields could outperform Ethereum’s, adding further appeal to investors.
Four issuers—Purpose Investments, Evolve ETFs, CI Global Asset Management, and 3iQ—are authorized to launch these ETFs. Each will provide unique exposure to the Solana ecosystem through separate indexes and strategies. Importantly, these funds will hold actual SOL tokens rather than synthetic derivatives.
While Canada moves ahead, the United States has yet to approve any spot Solana ETFs. The SEC is still reviewing several proposals from firms such as Grayscale, Bitwise, and Fidelity. A final decision on VanEck’s application is expected by May 19, 2025.
