Canada is preparing to make history in the crypto investment by launching the world’s first spot, Solana ETFs. The Ontario Securities Commission has approved multiple fund managers offering ETFs that hold Solana tokens directly.
Purpose Investments, CI Global Asset Management, Evolve ETFs, and 3iQ will launch the new Solana ETFs. These issuers plan to list the funds on April 16, which will be a significant development in digital asset products in North America.
Unlike other crypto ETFs based on price indexes, these funds will invest directly in Solana (SOL). This approach is similar to the previous Bitcoin and Ethereum spot ETFs already listed in the Canadian market.
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Staking Integration Expected to Boost Investor Interest
What sets these ETFs apart is their integration of Solana staking. According to Bloomberg ETF analyst Eric Balchunas, the funds will use TD Bank for staking services, allowing investors to earn rewards from network participation.
This may provide higher return potential compared to Ethereum-based staking products because of Solana’s higher staking yield. Therefore, investors can profit from the price rise and stake returns.
Each of the ETFs will represent a unique Solana index in terms of investment exposure. Nevertheless, all the funds will focus on the long-term holding of Solana as one of the key priorities.
At the same time, there is growing interest in the Solana market. The data from Nansen shows that Solana processed more than 355 million transactions in the past week, which is the highest in the industry.
Similarly, there has been a significant increase in the social sentiment associated with Solana, meaning that both retail and institutional investors are paying more attention to the token.
Solana’s price has also been rising, and a steep incline has also been recorded. The token has risen by over a quarter in the last seven days, trading between $125 and $135. It was noted that if the price goes above $137, it could reach the next level of $151.
However, if Solana fails to hold the $125 support level, a potential decline to $117 remains possible. The subsequent few trading sessions could determine Solana’s short-term market performance trajectory.
Conclusion
The launch of Canada’s spot Solana ETFs represents a significant development for the global crypto ecosystem. With real token exposure and staking built into the fund structure, the products could attract a broader class of investors seeking diversified crypto strategies.
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