Spot Solana ETFs to Launch on April 16th, But Not in the U.S.

Canada’s Ontario Securities Commission (OSC) has approved the listing of several spot Solana exchange-traded funds (ETFs) in the country. Some issuers behind the investment vehicle are Purpose Investments, Evolve Funds Group, CI Financial, and 3iQ Corp.

The Canadian regulatory agency stated that the financial products would become tradeable on April 16th. These ETFs will be available for trading on the Toronto Stock Exchange (TSX), the country’s primary securities marketplace.

Canada Embraces Solana ETFs

The Canadian regulator disclosed that the Solana ETF issuers could “engage in staking activities to earn rewards.” This enables them to increase their yields “and reduce overall ETF holding costs.”

By opening its doors to Solana ETFs, the Canadian agency allows citizens to gain indirect exposure to the price movement of SOL, one of the leading altcoins. While benefiting from SOL’s price movement, holders will also potentially profit from the yields of staked SOL. At the same time, they benefit from the regulatory guidelines common to financial companies operating in the country.

Notably, Canada will be the second country to embrace spot Solana ETFs. In August 2024, Brazil’s securities regulator, the Securities and Exchange Commission (CVM), approved the first spot Solana ETF. However, no clues indicate that the financial product ever went live.

Wen U.S.?

Various investment companies have been submitting applications for the spot Solana ETF to the United States Securities and Exchange Commission (SEC) for several months. Still, the financial agency has yet to give the green light. The best the SEC has done is acknowledge the submissions.

This has moved ETF experts to speculate a 70% likelihood that the financial agency will endorse the SOL-backed ETF. With a crypto-friendly individual heading the SEC, chances are higher that the regulatory agency will soon approve the financial product.

Only futures Solana ETFs are accessible on the U.S. financial markets. However, ETF expert Eric Balchunas explained that the two futures products trading in the country have few assets under management (AUM).

Canada’s decision to embrace the spot Solana ETF might influence the U.S. securities regulator to follow the same path.