Canada to Launch 'World First' Spot Solana ETFs With Staking This Week 💰💰💰💰
Canada plans to launch a number of spot Solana (SOL) exchange-traded funds (ETFs) with staking capabilities on Wednesday, according to Bloomberg senior ETF analyst Eric Balchunas.
In a post on X, Balchunas cited a circular from Toronto-Dominion Bank stating that the Ontario Securities Commission (OSC), which oversees the Toronto Stock Exchange, has approved four asset managers to list the new products.
"The OSC today gave the go-ahead to ETF issuers, including Purpose, Evolve, CI, and 3iQ, to list the world’s first spot Solana ETFs in Canada," a screenshotted copy of the circular reads.
All soon-to-be-launched Solana will invest in long-term holdings of Solana in physical form but will track different indices,” it continues. “The new Solana ETFs will engage in staking activities to earn rewards, which may provide higher yields than Ether staking and reduce overall ETF holding costs.”
Solana is currently trading at $129.97, down 2.2% over the last 24 hours, CoinGecko data shows.
The upcoming Solana ETF launch comes amid accelerating interest in spot crypto ETFs globally. In January 2024, the U.S. Securities and Exchange Commission (SEC) approved the first batch of spot Bitcoin ETFs after years of resistance.
That move has since triggered a wave of filings tied to other digital assets in the country, particularly following crypto-friendly President Donald Trump’s reelection late last year and a changing guard at the SEC.