Canada to Launch World’s First Spot Solana ETFs on April 16 with Staking Feature

Highlights:

• Canada’s approval of Solana ETFs is a major milestone for crypto investing.
• The Solana ETFs offer real-time exposure and staking rewards for investors.
• The US lags in Solana ETF approval, while the Canadian model gains international interest.

Canada is set to debut the first-ever spot Solana (SOL) ETFs on April 16 after receiving approval from the Ontario Securities Commission. The green light was given to four major firms: Purpose Investments, Evolve ETFs, CI Global Asset Management, and 3iQ. These spot Solana ETFs will directly hold SOL tokens, giving investors real-time exposure to Solana’s actual price. Each ETF will follow its own Solana-based index, offering a mix of strategies while staying backed by real crypto on the blockchain.

According to Eric Balchunas, these ETFs will incorporate Solana staking to earn rewards. The goal is to enhance overall returns for investors and help cover fees and other expenses. Since Solana offers higher staking rewards than Ethereum, these ETFs could provide better yields. The earned rewards are planned to be shared with investors, helping lower the actual cost of holding the ETF. Balchunas said the documents mention “via TD,” meaning TD Bank shared fund info. But he also made it clear that TD is not doing the staking or holding the staked tokens. 

Canada is readying spot Solana ETFs to launch this week after regulator gave green light to multiple issuers incl Purpose, Evolve, CI and 3iQ. ETFs will include staking via TD pic.twitter.com/FSw149Xkm4

— Eric Balchunas (@EricBalchunas) April 14, 2025

This approval is a big step forward for crypto investing, bringing together traditional finance and staking rewards in one regulated product. The ETFs will trade on the Toronto Stock Exchange with the symbol QSOL. The news comes at a time when Solana is gaining momentum. Its price jumped over 25% in the last week, and transaction volume crossed 355 million—more than any other layer-1 blockchain. Large investors have also moved over $200 million in SOL, showing strong interest ahead of the ETF launch.

US Lagging Behind in Solana ETF Approval

The United States Securities and Exchange Commission (SEC) has received many ETF applications for altcoins but has only approved spot Bitcoin and Ether funds so far. Staking is not yet allowed in US crypto ETFs. Bloomberg’s James Seyffart said Ether ETFs might get approval for staking by May, though it could take more time. 

In the US, investors can only access Solana ETFs based on futures contracts. According to Balchunas, these products haven’t attracted much attention. He mentioned that their growth has been slow, with very limited assets under management. Balchunas also said the newer 2x leveraged XRP ETF has already surpassed them in size, suggesting that interest in Solana ETFs remains low in the US.

Increased Likelihood of Solana ETF Approval in the U.S. by 2025

Polymarket data shows that the likelihood of a Solana ETF being approved in the U.S. by the end of 2025 has increased to 82%, up from 65% earlier this year. Analysts argue that Solana ETFs are more attractive than other crypto funds due to their blend of price tracking and staking rewards. Additionally, the Canadian model may act as a guide for other nations looking to integrate blockchain advancements with conventional investment structures.