Solana ETFs Make Their Spot Market Debut in Canada This Week

Canada Set to Launch Solana Spot ETFs, U.S. Issuers Still Await SEC Approval

Starting Wednesday, Canadian investors will have the opportunity to trade the first-ever spot Solana (SOL) exchange-traded funds (ETFs) on the Toronto Stock Exchange. This comes as a significant step for the crypto industry in Canada, with four major asset managers—Purpose, Evolve, CI, and 3iQ—bringing their Solana ETFs to market, each incorporating staking functionality, according to ETF analyst Eric Balchunas from TD Cowen.

The Ontario Securities Commission (OSC) gave the green light to these funds on Monday, enabling their launch. This marks a notable milestone for Canadian investors, offering them direct access to spot Solana products.

Meanwhile, U.S. asset managers such as Grayscale, Bitwise, VanEck, and Fidelity are still awaiting approval from the Securities and Exchange Commission (SEC) for their own spot Solana ETFs. In the U.S., there are currently two ETFs tracking Solana futures—the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT). However, these funds have seen modest asset inflows, with $5 million for SOLZ and $10 million for SOLT.

In contrast, spot crypto ETFs have been hugely successful, with Bitcoin’s spot ETFs leading the way by attracting billions of dollars in investments, becoming some of the most successful ETF products ever launched.

As global interest in cryptocurrency continues to rise, Canada’s introduction of spot Solana ETFs represents a significant development in providing crypto investors with more options, while U.S. investors continue to await regulatory approval for similar products.