Canada first to approve spot Solana ETFs with staking
Solana ETF approval in Canada sparks strong institutional interest
In a Landmark Move for the Global Crypto Market, Canada Approves the World’s First Spot Solana ETFs, Set to Begin Trading on April 16, 2025
Eric Balchunas, a senior Bloomberg analyst, announced on X (formerly Twitter) that the approval granted by the Ontario Securities Commission (OSC) has cleared the way for major asset managers—including Purpose Investments, Evolve ETFs, CI Global Asset Management, and 3iQ—to launch ETFs offering direct exposure to Solana (SOL).
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Product features and staking mechanism
Unlike futures-based funds, these spot ETFs will hold actual Solana tokens, enabling investors to gain returns based on the asset’s real-time market value. One of the key features of the Canadian Solana ETFs is the integration of staking, offering additional yield to fund holders. TD Bank will assist in processing staking-related data, although it will not participate in staking directly.
Market reaction and institutional interest
The approval marks a major evolution in crypto investing, as these are the first regulated investment instruments to combine traditional financial infrastructure with staking-based yield generation. The ETFs will be listed on the Toronto Stock Exchange under the ticker QSOL.
The announcement comes amid a surge in Solana’s market activity: its price has risen more than 25% over the past week, and transaction volume has exceeded 355 million—setting a record among layer-1 blockchains. Whale movements totaling over $200 million in SOL also signal strong institutional anticipation for the ETF debut.
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Comparison with the U.S. and global market impact
Canada’s progressive stance stands in stark contrast to the U.S., where the SEC has so far only approved spot Bitcoin and Ether ETFs. Applications from Grayscale, 21Shares, VanEck, and others to launch SOL ETFs in the U.S. are still under review. However, according to Polymarket, the probability of U.S. approval for a Solana ETF by the end of 2025 has risen to 81%, up from 65% earlier this year.
Analysts believe that the combination of price tracking and staking rewards makes Solana ETFs more appealing than existing crypto funds. Moreover, the Canadian model could serve as a blueprint for other countries seeking to merge blockchain innovation with traditional investment frameworks.
With the debut of the first altcoin-based ETFs offering staking, Canada reaffirms its role as a pioneer in regulated crypto investment products, potentially setting the tone for broader global adoption.
Previously, it was reported that Solana, one of the leading blockchain projects, has shown significant growth in user activity and investor sentiment. As of the end of March, more than 11.19 million wallets held at least 0.1 SOL—marking an all-time high in network engagement and mass adoption.
