The first spot Solana ETFs in the world, approved by Canada, will launch on April 16 and provide direct access to SOL with staking features.
The Ontario Securities Commission (OSC) has approved Canada’s regulatory approval to introduce the first spot Solana ETFs globally. Several issuers, including Purpose, Evolve, CI, and 3iQ, can list their Solana ETFs thanks to the approval.
Beginning on April 16, 2025, investors can purchase new financial products, a significant advancement in the cryptocurrency investment market.
Canada Authorizes Multiple Spot Solana ETFs
Eric Balchunas, an analyst at Bloomberg, claims that the OSC approved several SOL ETFs today. Instead of depending on futures contracts, these exchange-traded funds (ETFs) will hold real Solana tokens, giving investors direct exposure to the cryptocurrency.
Among the companies that have received authorization to introduce these cutting-edge products are Purpose, Evolve, CI, and 3iQ.
The introduction of these ETFs co-occurs with Solana’s price rise. The cost of Solana has significantly increased by 25% in the last week. According to experts, Solana may soon see even higher price growth due to the growing institutional interest in the stock, which is being supported by these ETF products. Introducing the first-ever Solana ETFs marks a significant advancement for investment products based on altcoins.
Yield & Staking Features
Staking, which offers potential advantages for ETF investors, such as higher returns than traditional investments, will be practised by the recently approved SOL ETFs.
Staking can increase yields and reduce holding expenses, increasing these ETFs’ appeal. According to Balchunas, TD Bank will help process staking information, but it won’t directly facilitate it.
With the US SEC postponing Grayscale’s ETH Spot ETF staking proposal, staking may give SOL ETFs an advantage over other cryptocurrency ETFs, like Ethereum-based ETFs. The token’s performance and staking yield may provide extra incentives for investors wishing to diversify their holdings.
Solana Whales and Increasing US ETF Expectations
Canada’s approval of spot SOL ETFs coincides with increased Solana market activity. According to Whale Alert, a whale moved 762,416 SOL, or roughly $101 million, during the market activity.
Another case involved the transfer of 790,427 SOL, worth more than $105 million, between unidentified wallets. These significant transactions imply that whales, or significant Solana holders, are getting ready for future moves, perhaps in anticipation of the market momentum that the new ETFs may generate. Following the recent introduction of the first-ever XRP ETF, Teucrium 2x Long Daily, in the United States, the first spot Solana ETFs were approved in Canada.
At the same time, several significant companies have already applied for permission to sell SOL ETFs in the US. These companies are Franklin Templeton, VanEck, Bitwise, 21Shares, and Grayscale. Along with the Canadian approval, the market is increasingly anticipating that SOL ETFs will be approved in the US. By the end of 2025, polymarket traders now give a Solana ETF an 81% chance of approval, up from 65% at the beginning of the year.
