Solana Hits Milestone As Canada OKs First Spot ETFs
Canada's financial regulators have approved multiple spot Solana (SOL) exchange-traded funds (ETFs), set to launch on April 16, 2025. The Ontario Securities Commission (OSC) has authorized four investment firms—31Q, Purpose Investments, CI Global Asset Management, and Evolve—to offer these ETFs, enabling direct investment in Solana through traditional brokerage accounts. A notable feature of these ETFs is the ability to stake SOL positions, potentially providing higher returns than Ethereum staking. TD Bank highlighted that staking returns from SOL could attract yield-seeking investors. In contrast, the U.S. market only has futures-based Solana ETFs, which have struggled to gain traction, accumulating nearly $14 million in assets since their March 2025 launch. The SEC has received applications for spot Solana ETFs from major financial institutions but has yet to approve any, with a deadline for consideration of VanEck’s filing postponed to May 19, 2025.
