Canada, First In The World To Launch Solana Spot ETF

Canada launching world's first Solana spot ETF (Source: EricBalchunas, X)

Canada will launch the world's first Solana (SOL) based spot Exchange Traded Fund (ETF) on April 16. This ETF includes staking functionality beyond a simple cryptocurrency holding product, allowing investors to expect additional returns just from holding assets.

Bloomberg analyst Eric Balchunas announced on the 14th via his X account that the Ontario Securities Commission (OSC) approved Purpose Investments, Evolve Funds Group, CI Global Asset Management, and 3iQ's launch of a Solana spot ETF. He evaluated this as the first signal marking the start of the altcoin ETF competition.

This ETF is operated by Canadian financial institution TD Bank Group for staking, allowing holders to earn staking returns indirectly through the ETF. Canada has no federal securities regulator and applies different securities laws by province, with this product approved under Ontario's regulations.

In contrast to the United States. The U.S. Securities and Exchange Commission (SEC) currently allows Bitcoin and Ethereum spot ETFs but has not yet approved products that include staking. The same Bloomberg analyst James Seyffart predicts, “There is a possibility that staking functionality could be added to the Ethereum ETF, but it will take time before it materializes.”

Experts see this move by Canada as a signal for expanding altcoin investment within the institutional framework. Especially, if returns can be generated through staking within the ETF structure, this could attract cryptocurrency investment demand into a more stable financial infrastructure.