Canada Approves Solana Spot ETF and Concurrently Supports Staking Functionality

Table of Contents

Toggle

Canada Approves Solana Spot ETF

Altcoin ETF Race Begins

According to information shared by Bloomberg ETF analyst Eric Balchunas, Canadian regulators have approved the launch of Solana spot ETFs by issuers including Purpose, Evolve, CI, and 3iQ.

Documents disclosed indicate that these products are expected to go live this week (April 16) and will offer staking features through Canadian TD Bank. The product will become one of the world’s first Solana ETFs to support both spot and staking.

Although altcoin spot ETFs have not yet been launched in the United States, related products have been approved for listing in recent weeks, including Solana futures ETFs and a 2x leveraged XRP ETF. Regarding the current market performance of these products, Eric Balchunas stated that the two Solana ETFs currently in the U.S. are not doing particularly well, with very low assets under management (AUM). In contrast, the 2x leveraged XRP ETF, despite being launched later, has already surpassed the AUM of these two Solana ETFs. Eric Balchunas remarked:

“While it is still too early to draw definitive conclusions, this marks our first real observation of the starting point of the ‘altcoin ETF race.’”