Canada Set to Launch First Spot Solana ETFs as U.S. Approval Lags
Canadian investors will soon be able to gain direct exposure to Solana (SOL) through spot exchange-traded funds, as four issuers prepare to list their products on the Toronto Stock Exchange this Wednesday.
Asset managers Purpose, Evolve, CI, and 3iQ are leading the charge, each offering a spot Solana ETF with integrated staking capabilities, according to a note from TD Cowen shared by ETF analyst Eric Balchunas. The Ontario Securities Commission (OSC) gave the green light for the listings on Monday.
This move puts Canada ahead of the U.S., where firms like Grayscale, Franklin Templeton, 21Shares, Bitwise, VanEck, and Fidelity are still awaiting approval from the Securities and Exchange Commission (SEC) to roll out spot Solana ETFs.
Currently, U.S. investors can only access Solana through futures-based ETFs, such as the Volatility Shares Solana ETF (SOLZ) and the 2X Solana ETF (SOLT), which have seen modest inflows—about $5 million and $10 million, respectively.
In contrast, spot-based crypto ETFs have gained strong traction globally. Bitcoin ETFs in particular have drawn billions in assets, making them the most successful ETF product launch in history.
The Canadian launch adds momentum to Solana’s growing institutional interest, ahead of major events like Consensus 2025, which is set to take place in Toronto from May 14–16.
