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Canada has authorized four spot Solana (SOL) exchange-traded funds (ETFs), becoming the first nation to provide staking-enabled SOL ETFs. The funds will be listed on the Toronto Stock Exchange (TSX) on April 16, 2025.
The approved issuers, Purpose Investments, Evolve ETFs, CI Global Asset Management, and 3iQ were cleared by the Ontario Securities Commission (OSC) earlier this week. All the ETFs have staking functionality, enabling investors to earn passive income on their holdings.
The action places Canada ahead of the United States. Many fund managers including Grayscale, Fidelity, VanEck, and Franklin Templeton continue to wait for US Securities and Exchange Commission (SEC) approval of similar spot products. The US markets presently only have Solana futures ETFs, such as Volatility Shares SOLZ and SOLT, that have drawn modest assets.
“Canada is continuing to lead on regulated crypto investment vehicles," said Eric Balchunas, senior ETF analyst at Bloomberg, citing the innovation of adding staking to these products.
Spot crypto ETFs have been growing in popularity around the world, particularly following the huge success of US spot Bitcoin ETFs in 2024 that attracted billions in assets. According to analysts, the Canadian Solana ETFs are expected to attract investors looking for regulated, yield-generating access to the Solana ecosystem.
The ETFs are debuting just before Consensus 2025, a large blockchain conference scheduled for May 14–16 in Toronto. The timing may get extra attention to the new products.
By introducing the ETFs with staking, Canada solidifies its leadership in the crypto ETF sector. Thus, providing investors with first-mover exposure to Solana with staking, something potentially months away in US markets.
