Canada may win the race to launch the world’s first Solana ETF product after the Ontario Securities Commission greenlighted 3iQs and a few others’ bids.
Canada is set to make history with the potential launch of the world’s first spot, Solana exchange-traded funds (ETFs), on April 16, 2025. While the United States continues to delay decisions on similar products, Canada is moving forward. This launch marks a big step for Solana and crypto investments.
Canada Approves Multiple Spot Solana ETFs
On Monday, Bloomberg’s senior ETF analyst Eric Balchunas shared the news. The Ontario Securities Commission (OSC) has approved several Canadian firms to offer spot Solana ETFs. These companies include 31Q, Purpose Investments, CI Global Asset Management, and Evolve.
Unlike futures-based products, these ETFs will invest directly in SOL tokens. They will not follow the regular market price but a different Solana price index. The OSC has also allowed fund managers to stake some of the SOL, which could bring extra returns for investors.
Balchunas also shared a note from TD Bank. The bank said staking Solana could give higher returns than staking Ethereum (ETH). Solana ETFs might appeal more to investors who want growth and extra income.
If this turns out to be true, investors in Canada could gain from both the rise in Solana’s price and the rewards earned through staking. This is not common in most crypto digital investment products, making these Solana ETFs stand out among global digital asset offerings.
Furthermore, Balchunas compared the upcoming spot ETFs with the two U.S.-based futures ETFs already on the market: the Volatility Shares 2x SOL ETF and the standard Volatility Shares SOL ETF.
The analysts pointed out that these future ETFs, launched in March 2025, have not performed well. Together, they hold only $13.8 million in assets under management.
Meanwhile, Teucrium’s 2x XRP ETF (XXRP), launched after the SOL futures products, has already outperformed both in AUM. This shows that investors may prefer other altcoins or different ETF products, and the soon-to-launch Solana ETF may thrive in the market.
U.S. Still Waiting on Spot ETF Approvals
While Canadian issuers prepare for launch, the United States still awaits regulatory approval. The SEC has acknowledged applications from companies like Grayscale, Bitwise, 21Shares, Canary Capital, Fidelity, and VanEck.
However, none of them have been approved so far. Last month, the SEC delayed its decision on the VanEck Solana Trust ETF application. The new deadline is now May 19, 2025. It is still not clear if the SEC will approve the application or delay it again.
If these new SOL ETFs perform well, it might encourage the U.S. and other regions to move faster with their crypto ETF decisions. For now, all eyes are on Canada, which is set to become the first country to offer spot Solana ETFs to the public.
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