Canada Approves Multiple Spot Solana ETFs To Launch This Week

Canada is set to launch the world’s first spot Solana ETFs after receiving regulatory approval from the Ontario Securities Commission (OSC). The green light allows several issuers, including Purpose, Evolve, CI, and 3iQ, to list their Solana ETFs. The new financial products will be available to investors starting April 16, 2025, marking an important development in the cryptocurrency investment space. Canada Approves Multiple Spot Solana ETFs According to Bloomberg analyst Eric Balchunas, the OSC approved multiple SOL ETFs today. These ETFs will hold actual Solana tokens rather than relying on futures contracts, offering investors direct exposure to the cryptocurrency. Purpose, Evolve, CI, and 3iQ are among the firms that have secured approval to launch these innovative products. The launch of these ETFs coincides with an upward surge in the price of Solana. Over the past week, the price of Solana has seen a notable increase of 25%. Experts suggest that the growing institutional interest in Solana, further bolstered by these ETF products, could soon lead to even greater price appreciation. As the world’s first spot Solana ETFs hit the market, the launch is a critical step forward for altcoin-based investment products. Staking Features and Yield Benefits The newly approved SOL ETFs will engage in staking, which offers potential benefits for ETF investors, including enhanced returns compared to traditional investments. Staking can improve yields and offset holding costs, making these ETFs more attractive. However, according to Balchunas, TD Bank will assist in processing staking information but will not directly facilitate it. Staking could provide an edge for SOL ETFs over other cryptocurrency ETFs, such as Ethereum-based ETFs, especially with US SEC delaying Grayscale’s ETH Spot ETF staking proposal. The yield from staking and the token’s performance could offer additional incentives for investors looking to diversify their portfolios. Solana Whale Moves and Growing ETF Expectations in the US The approval of spot SOL ETFs in Canada comes during heightened activity in the Solana market. Amid the market activity, a whale moved 762,416 SOL, worth approximately $101 million, according to Whale Alert. In another instance, 790,427 SOL, valued at over $105 million, was moved between unknown wallets. These large-scale transactions suggest that whales, or large holders of Solana, are preparing for future moves, possibly in anticipation of the market momentum the new ETFs could trigger. The approval of the first spot Solana ETFs in Canada follows the recent launch of the first-ever XRP ETF , Teucrium 2x Long Daily, in the U.S. Concurrently, several major firms have already filed for approval to offer SOL ETFs in the United States. These firms include Grayscale, 21Shares, Bitwise, VanEck, and Franklin Templeton. In addition to the Canadian approval, market expectations for the approval of SOL ETFs in the United States are rising. Polymarket traders now assign an 81% probability to approving a Solana ETF by the end of 2025, up from just 65% in early 2025. The post Canada Approves Multiple Spot Solana ETFs To Launch This Week appeared first on CoinGape .