First Spot Solana ETFs to Hit Canadian Market This Week

While U.S. issuers are still waiting for the approval of a spot Solana (SOL) exchange-traded fund (ETF), Canadian investors will be able to trade such funds on the Toronto Stock Exchange starting Wednesday.

Four asset managers are set to bring their product to the market, including Purpose, Evolve, CI and 3iQ, all of which will have staking abilities as well, according to a TD Cowen note shared by ETF analyst Eric Balchunas.

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The funds were approved by the Ontario Securities Commission (OSC) on Monday, according to the note.

Meanwhile, issuers in the U.S., including Grayscale, Franklin Templeton, 21Shares, Bitwise, VanEck and Fidelity, are still waiting for the green light from the Securities and Exchange Commission (SEC) to launch a spot Solana fund.

There are currently two ETFs tracking SOL futures trading on U.S. markets, the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT), both of which have attracted a relatively small amount of assets, around $5 million for SOLZ and $10 million for SOLT.

The spot crypto ETFs, however, have seen immense success among investors, attracting multiple billions of dollars over the course of a year, with the bitcoin (BTC) ETFs becoming the most successful ETF launch in history.