Canada approves Solana ETFs with staking

Canada Approves World's First Spot Solana ETFs with Staking Feature

Canada will launch the world’s first spot Solana (SOL) ETFs on April 16, 2025, following approval from the Ontario Securities Commission. The move comes as Solana’s price jumped 25% in the past week, reflecting strong investor interest and growing network activity, including a record-breaking 355 million transactions.

Unlike traditional crypto ETFs, these products will support SOL staking, offering potential extra rewards while contributing to network security. TD Bank noted that staking yields for Solana could outperform Ethereum’s, providing an attractive incentive for investors.

Four issuers—Purpose Investments, Evolve ETFs, CI Global Asset Management, and 3iQ—have been approved to launch the ETFs, which will hold actual SOL tokens rather than relying on synthetic exposure. Each ETF will follow a unique index, offering different ways to gain exposure to the Solana ecosystem.

Meanwhile, in the U.S., spot Solana ETFs have yet to receive approval. The SEC is still reviewing several proposals, including from Grayscale, Bitwise, and Fidelity. A final decision on VanEck’s application is expected by May 19, 2025.