Big Win for Crypto: Canada Approves Solana ETFs With Staking Features

Canada Approves Solana ETFs, But U.S. Still Waiting

According to Eric Balchunas, a senior ETF analyst at Bloomberg, Canada intends to introduce several spot Solana ETFs with staking features on Wednesday. The Ontario Securities Commission (OSC), which regulates the Toronto Stock Exchange, has authorized four asset managers to offer the new products, according to a Toronto-Dominion Bank circular that Balchunas referenced in an X post.

The OSC today gave the go-ahead to ETF issuers, including Purpose, Evolve, CI, and 3iQ, to list the world’s first spot Solana ETFs in Canada. All soon-to-be-launched Solana will invest in long-term holdings of Solana in physical form but will track different indices. The new Solana ETFs will engage in staking activities to earn rewards, which may provide higher yields than Ether staking and reduce overall ETF holding costs.

a screenshotted copy of the circular

New Era for Crypto ETFs? Solana Enters the Ring After Bitcoin’s Green Light

The global demand for spot crypto ETFs is growing, which coincides with the impending debut of the Solana ETF. After years of opposition, the U.S. Securities and Exchange Commission (SEC) finally authorized the first batch of spot Bitcoin ETFs in January 2024. Following President Donald Trump’s reelection late last year and a change in leadership at the SEC, that action has subsequently sparked a surge of filings linked to other digital assets in the nation. However, Balchunas cautioned that, while it’s not a perfect comparison, two Solana ETFs that follow futures in the US had relatively few assets under management.

The 2x XRP already has more AUM than both the Solana ETFs, and it came out after. Wouldn’t read a ton into it, but it’s our first look at the alt coin race,

Balchunas

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