News about the launch of the first Solana ETF was revealed by Eric Balchunas on April 14. He stated that several issuers have already been given the green light by regulators in Canada.
"Canada is preparing for the launch of the Solana Spot ETF this week after regulators granted permission to several issuers, including Purpose, Evolve, CI, and 3iQ," he wrote on X.
This SOL ETF product allows investors to directly access funds that hold long positions in Solana, which directly tracks its coin value. Interestingly, this ETF also features staking.
With this launch, many hope that Solana can follow in the footsteps of BTC and ETH, which entered the ETF market in Canada earlier. The success of Bitcoin and Ethereum ETFs could be a positive signal for the future of other cryptocurrencies.
Despite the high optimism, Eric also reminded that the launch of the Solana Spot ETF could face challenges, especially after the poor performance of the Solana Futures ETF that was recently launched in the US.
He noted that the XRP ETF already has more assets under management and indicated that the market may currently be more interested in XRP than SOL.
