Canada Approves Solana Spot ETFs, Paving the Way for U.S. Counterparts
The Ontario Securities Commission (OSC) in Canada has approved multiple Solana spot ETFs and simultaneously opened its staking feature, which is expected to officially launch on April 16 local time.
（Background: Hong Kong Ethereum Spot ETF officially approved to offer staking functionality, is the U.S. next?）
（Additional context: The first “2x XRP leverage” fund in the U.S. was launched, analysts say that the approval of the Ripple spot ETF is just a matter of time）
Canada Approves Solana Spot ETF, Ahead of the U.S.!
Bloomberg senior ETF analyst Eric Balchunas noted late yesterday (14th) on X that the Ontario Securities Commission (OSC) has approved the Solana spot ETF applications submitted by Purpose, Evolve, CI, and 3iQ, with plans for the product to officially launch on April 16 local time.
It is worth mentioning that this decision not only marks the approval of the world’s first Solana spot ETF but also opens the staking function for this ETF. Eric Balchunas pointed out its key advantages:
The new Solana ETF is allowed to participate in staking activities to earn rewards, which may provide higher returns than Ethereum ETFs and reduce the overall holding costs of the ETF.
Canada is readying spot Solana ETFs to launch this week after the regulator gave the green light to multiple issuers including Purpose, Evolve, CI, and 3iQ. ETFs will include staking via TD pic.twitter.com/FSw149Xkm4
SOL Bounces Nearly 20% in a Week
In terms of short-term price performance, SOL has not shown significant incentive, mostly following Bitcoin’s movements. However, SOL has rebounded by 18.46% within the week, making it the best-performing among the top ten tokens.
After the official launch of Solana spot ETFs in Canada this week, will there be sustained capital inflows? This remains to be observed.
When Will the U.S. Approve Solana Spot ETFs?
However, returning to market size, the U.S. market remains the largest in terms of influence and capital volume.
Since Donald Trump took office as President of the United States, asset management companies such as Grayscale and Bitwise have submitted applications for Solana, XRP, DOGE, and other cryptocurrency spot ETFs. Among these, the current market believes that the Solana and XRP spot ETFs are the most likely to gain approval this year. With Canada having made a decision ahead of time, this may further increase the likelihood of the U.S. approving Solana spot ETFs.
Another noteworthy point is that, alongside the approval of Solana spot ETFs, Canada has also approved its staking feature—this is a significant element currently missing from the spot cryptocurrency ETF market. Whether the U.S. SEC will approve related cryptocurrency ETF staking may become another key factor influencing institutional decisions to enter the market.
Note: Hong Kong has already approved the staking feature for the Ethereum spot ETF last week, and with Canada approving the staking feature for the Solana spot ETF, many analysts predict that the SEC will ultimately ease restrictions on ETF staking functionalities.
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