Canada to Launch First Spot Solana ETFs With Staking Feature on April 16
Move Marks Milestone in Altcoin ETF Market as U.S. Lags Behind
Toronto, Canada — April 15, 2025: Canada is set to make cryptocurrency history this week as multiple spot Solana (SOL) exchange-traded funds (ETFs) are scheduled to debut on April 16, becoming the first ETFs of their kind to offer Solana staking for added yield.
This groundbreaking development is being led by several major Canadian asset managers — Purpose, Evolve, CI Global Asset Management, and 3iQ — all of whom received the green light from the Ontario Securities Commission (OSC), according to a Bloomberg report shared by senior ETF analyst Eric Balchunas.
Spot Solana ETFs: A Canadian First
Staking Enabled for Extra Yield
These new ETFs are designed to hold spot Solana tokens rather than futures contracts, allowing for direct asset exposure. Even more significantly, the funds are authorized to stake a portion of their SOL holdings, a move that allows them to earn passive yield on behalf of investors — a feature currently unavailable in U.S. crypto ETFs.
“These ETFs represent our first look at the altcoin ETF race,” said Balchunas on X (formerly Twitter), highlighting the historic nature of the launch.
This marks a significant expansion in the growing crypto ETF market, moving beyond Bitcoin (BTC) and Ethereum (ETH) into more niche blockchain assets.
OSC Approval Signals Regulatory Progress in Canada
While Canada doesn’t have a centralized federal securities authority, the OSC regulates Toronto’s financial markets, and its stamp of approval sets the precedent for other jurisdictions across the country. In a statement to Cointelegraph, the OSC confirmed the decision aligns with January 2025 rules allowing public funds to hold crypto assets.
This puts Canada well ahead of the United States, where the SEC has only approved spot Bitcoin and Ether ETFs, and continues to prohibit staking in regulated funds.
🇺🇸 Meanwhile in the U.S.: Still Waiting on Altcoin ETF Clarity
The U.S. Securities and Exchange Commission (SEC) has acknowledged multiple applications for altcoin ETFs, but approvals remain stalled. Even Ether staking is still under review, with Bloomberg’s James Seyffart suggesting it could happen as early as May, though implementation may take months.
According to Katalin Tischhauser, Head of Research at Sygnum Bank, there’s skepticism about market demand for altcoin ETFs. She commented:
“There’s all this frothy excitement, but no one can point to where substantial demand is going to come from.”
Early Solana ETFs in U.S. See Tepid Response
The first U.S. ETFs tracking Solana via futures contracts — including the SOLZ fund by Volatility Shares — have seen limited adoption, attracting just $5 million in assets as of April 14.
Balchunas cautioned against reading too much into this:
“The 2x XRP ETF already has more AUM than both Solana ETFs combined — and it launched later. But that doesn’t necessarily predict how spot SOL ETFs will perform.”
What This Means for Investors
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Canadian investors now have access to Solana ETFs with staking, giving them both exposure to price movements and passive yield.
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The OSC’s proactive stance may encourage more innovation in crypto finance.
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U.S. investors continue to wait on SEC clarity around altcoin ETF approvals and staking mechanisms.
Key Takeaways
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Canada will launch multiple spot Solana ETFs on April 16.
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ETFs will offer SOL staking — a first for any crypto ETF globally.
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OSC approval highlights Canada’s leadership in crypto regulation.
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U.S. still restricts altcoin ETFs and staking, leaving investors waiting.
