Canada Pioneers Solana Spot ETFs as U.S. Regulators Hold Back Approval
On Wednesday, the Toronto Stock Exchange will become the home of the first-ever spot Solana (SOL) exchange-traded funds (ETFs), giving Canadian investors direct access to this prominent cryptocurrency. The launch is led by four major asset managers—Purpose, Evolve, CI, and 3iQ—all of which are incorporating staking options into their Solana funds. This move follows the approval of the ETFs by the Ontario Securities Commission (OSC) on Monday, according to a TD Cowen note shared by ETF analyst Eric Balchunas.
While Canadian investors celebrate the milestone, U.S. issuers such as Grayscale, Franklin Templeton, Bitwise, VanEck, and Fidelity are still waiting for approval from the U.S. Securities and Exchange Commission (SEC) to launch their own spot Solana ETFs. In the meantime, two U.S. ETFs tracking Solana futures, the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT), have gained minimal traction, managing just a few million dollars in assets.
Spot crypto ETFs have proven incredibly popular in other markets, with Bitcoin spot ETFs seeing record-breaking success, pulling in billions of dollars in capital since their launch. The success of these products in Canada could put additional pressure on U.S. regulators to approve similar offerings in the U.S.
The Canadian launch of Solana spot ETFs marks a significant step forward for the broader crypto market, offering investors more opportunities to engage with the asset class directly, while U.S. markets continue to await regulatory clarity.
