- Canada is launching the world’s first spot Solana ETFs ahead of the U.S., with listings set for the Toronto Stock Exchange.
- Some Canadian Solana ETFs will include staking, while U.S. funds are still waiting on SEC approval for similar features.
- Despite U.S. interest, the SEC may delay Solana ETF approvals as SOL futures only recently launched on CME.
Canada‘s back at it — this time beating everyone to the punch with spot Solana ETFs. Yep, Purpose Investments, Evolve, 3iQ, and CI Global Asset Management are all rolling out their Solana funds this Wednesday on the Toronto Stock Exchange.
A Familiar Playbook With a New Token
This isn’t Canada’s first rodeo. You might remember Purpose was first out the gate with a physically-settled bitcoin ETF back in Feb 2021. Not long after that, we saw spot ether ETFs approved — just two months later. The U.S.? Well, it took until 2024 to finally see the SEC give the green light to spot BTC and ETH ETFs.
So here we are again. Even with a crypto-friendlier White House and regulators, the U.S. is still playing catch-up.
U.S. vs. Canada — The SOL ETF Showdown
3iQ filed for a Solana ETF last summer. VanEck tossed its hat in the ring around the same time on the U.S. side, and others followed. But since CME’s SOL futures only launched recently, the SEC might not be in a rush. Typical.
What’s more, in Canada (and some other regions), ether ETFs actually stake a portion of the ETH they hold. That’s not the case with the U.S. ones — at least, not yet. The SEC’s still chewing on the idea. Hester Peirce even said earlier this year that progress on things like custody has to happen before those staking changes come through.
What’s Inside These Solana ETFs?
Evolve’s fund is planning to stake up to 50% of its SOL right from the jump. And they’re going bold — 0% management fee until the end of 2025. Purpose, on the other hand, will stake using their own validator setup to skip third-party costs.
CI Global’s fund will be subadvised by Galaxy Asset Management, who’ll also handle the staking part of the equation.
As for 3iQ? They confirmed the ETF is coming this week, but didn’t spill any more details.
Final Take
So now, it’s game on. With multiple players in the mix and the first round of Solana ETFs landing in Canada, the question is — how long until the U.S. follows suit?
Let the battle for assets begin.
