Canada Launches First Staking-Enabled SOL ETFs, Here’s Why Solaxy Is Key to $SOL ’s Future
Canada is now the first country to launch a Solana spot ETF with staking. The Ontario Securities Commission (OSC) has approved four asset managers to offer the new spot Solana: Purpose, Evolve, CI, and 3iQ.
Read on to discover how this development could affect the larger crypto market. We’ll also talk about the Solaxy presale and how it’s at the center of Solana’s potential rise.
ETF Race Heats Up
The SEC approved a Bitcoin-pegged ETF in the US back in January 2024. However, it’s still mulling over a staking-enabled ETF, and Grayscale’s proposal to introduce staking in its spot ETH ETFs is on hold.
Canada has always been a step ahead of the US in this aspect. For instance, it launched its first Bitcoin ETF back in 2021.
A lot of this development can be credited to the pro-crypto Trump administration. The president’s open support for crypto, backed by increasingly relaxed legislation, promises to propel crypto to new heights.
The global ETF race is now heating up, with multiple applications pending with regulators. For example, the SEC is sitting on multiple applications for ETFs backed by different cryptocurrencies, such as Litecoin, XRP, Solana, and more. Hong Kong and Australia have also also launched their own crypto ETFs.
Solana’s Price Showing Strength
Besides the ETF buzz, Solana has also shown some technical strength over the last month.
$SOL gained over 30% last week and is now trading at $133. Although still far from the $300 mark, a positive mini-rally has investors hopeful.
