Spot Solana (SOL) Exchange Traded Funds (ETFs) are currently available in Canada, while the United States offers Solana futures ETFs, with spot ETFs still pending regulatory approval. Here's a breakdown:
Canada
Launch Date: April 16, 2025
Details: Four asset managers—Purpose Investments, Evolve, CI, and 3iQ—launched spot Solana ETFs on the Toronto Stock Exchange following approval from the Ontario Securities Commission (OSC). These ETFs provide direct exposure to Solana (SOL) and include staking for additional yield, a first in the industry.
Significance: Canada is the first country to offer spot Solana ETFs, ahead of the U.S., due to its more progressive crypto regulatory framework.
United States
Spot Solana ETFs: Not yet approved. Multiple firms, including Fidelity, Grayscale, Franklin Templeton, VanEck, Bitwise, 21Shares, and Canary Capital, have filed applications with the U.S. Securities and Exchange Commission (SEC) to launch spot Solana ETFs. These are under review, with a potential approval timeline extending into 2026, depending on SEC decisions and regulatory changes under a new administration.
Futures Solana ETFs: Available since March 20, 2025, launched by Volatility Shares:
Volatility Shares Solana ETF (SOLZ): Tracks Solana futures with a 0.95% management fee.
Volatility Shares 2X Solana ETF (SOLT): Offers leveraged exposure with a 1.85% fee.
These ETFs are listed on the Depository Trust & Clearing Corporation (DTCC) and trade on regulated exchanges like Nasdaq. They are seen as a precursor to spot ETF approval, similar to the path taken by Bitcoin and Ethereum ETFs.
Exchange-Traded Products (ETPs):
Grayscale Solana Trust (GSOL): A closed-end fund trading on OTC markets, not a true ETF, but offers exposure to SOL. It may trade at premiums or discounts to its net asset value.
VanEck Solana ETN: An exchange-traded note (ETN) providing institutional access to SOL, but it’s a debt security, not an ETF.
Other Regions
There is no specific information in the provided references about Solana ETFs being available in other countries as of April 18, 2025. However, some regions like Europe have Solana ETPs (e.g., VanEck’s Solana ETN), but these are not equivalent to ETFs due to structural differences.
Investors in countries without Solana ETFs may access SOL through crypto exchanges (e.g., Binance, Coinbase) or decentralized platforms on the Solana blockchain.
Key Notes
Canada leads with spot Solana ETFs, offering direct SOL exposure and staking rewards, making it the most accessible market for retail and institutional investors.
In the U.S., futures ETFs are available, but spot ETFs face regulatory hurdles, particularly due to the SEC’s classification of SOL as a potential security. Approval odds are estimated at 75% by year-end 2025, contingent on an established futures market and a crypto-friendly SEC chair.