Canada is once again leading the charge in crypto finance, set to introduce the world’s first spot Solana (SOL) exchange-traded funds (ETFs) with built-in staking features this week. Bloomberg ETF analyst Eric Balchunas confirmed the news via X (formerly Twitter), citing a circular from Toronto-Dominion Bank detailing regulatory approval by the Ontario Securities Commission (OSC).
According to the document, four asset management firms—Purpose Investments, Evolve ETFs, CI Global Asset Management, and 3iQ—have received the green light to launch these innovative Solana products on Canadian exchanges. These ETFs will physically hold SOL tokens and enable staking, offering investors potential rewards while holding the asset.
“Each ETF will track different indices and participate in staking to generate yield,” the circular notes. “This could potentially lead to higher returns compared to Ethereum staking and help offset the fund’s management costs.”
Currently, Solana trades around $129.97, having dipped 2.2% over the past 24 hours, based on CoinGecko data. Still, anticipation around these new ETFs may breathe fresh interest into the asset, especially as staking becomes an attractive income-generating feature for crypto investors.
Canada’s bold move arrives as countries worldwide accelerate efforts to offer regulated crypto investment options. The U.S. Securities and Exchange Commission (SEC) only approved spot Bitcoin ETFs in early 2024 after years of pushback. Since then, major players in the American financial industry—including Bitwise, WisdomTree, and Franklin Templeton—have proposed ETFs tied to altcoins like XRP and Solana. However, these remain under regulatory review.
Balchunas did note that U.S.-based Solana futures ETFs have seen minimal traction so far, suggesting that investor appetite may not yet match the hype. “The 2x XRP ETF already holds more assets than both Solana futures ETFs combined,” he remarked, though he added that this could simply be the early stages of altcoin ETF competition.
Outside of North America, Hong Kong and Australia have also rolled out spot crypto ETFs in recent months, signaling growing institutional interest in gaining compliant exposure to digital assets. Canada, however, remains ahead of the pack, having approved its first spot Bitcoin ETF as early as February 2021.
One key differentiator of the Canadian Solana ETFs is the inclusion of staking—a feature still unavailable in U.S.-based crypto ETFs. While Canadian regulators have embraced it, the SEC has shown caution. Just this week, the Commission postponed its decision on Grayscale’s proposal to add staking to its spot Ethereum ETF, pushing the deadline to June 2025.
According to Bloomberg’s James Seyffart, the U.S. may not approve staking features in ETFs until late 2025, depending on evolving regulatory frameworks.
With the rollout of these Solana ETFs, Canada continues to assert itself as a pioneer in regulated crypto investing—offering investors a new way to access, hold, and earn from digital assets in a compliant environment.