Canada to launch spot Solana ETFs this week: report

Canada is poised to launch several spot Solana exchange-traded funds on Wednesday, according to a bank circular cited by Bloomberg Senior ETF Analyst Eric Balchunas.

Balchunas shared a screenshot of a circular from Canada’s TD Bank on X, which stated that the Ontario Securities Commission has approved the "world’s first" spot Solana ETFs, issued by Purpose, Evolve, CI and 3iQ. They are expected to launch on April 16, according to the post.

The upcoming ETFs will offer staking features to earn rewards, "which may provide higher yields than Ether staking and reduce overall ETF holding costs," the circular said.

The Block has reached out to the OSC, TD Bank and the four asset managers for further comment.

Meanwhile, major asset managers in the U.S. have raced to file spot Solana ETF applications. Grayscale, Bitwise, 21Shares, Canary and VanEck are among those seeking to offer such products, according to The Block's Solana ETF tracker.

In March, Volatility Shares launched two Solana futures ETFs in the U.S. The Volatility Shares Solana ETF, which provides exposure to Solana futures contracts, currently has about $5.1 million in assets under management, while the Volatility Shares 2X Solana ETF holds roughly $8.7 million in AUM.

"FWIW, the 2 solana ETFs in the U.S. (which track futures so not a perfect guinea pig) haven't done much. Very little in aum. 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 altcoin race," Balchunas said.