On April 16, Canadian companies will introduce the world’s first spot Solana ETFs to the market, according to Bloomberg analyst Eric Balchunas.
FWIW, the 2 solana ETFs in US (which track futures so not a perfect ginnea pig) hhaven’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 alt coin race
— Eric Balchunas (@EricBalchunas) April 14, 2025
The expert shared a screenshot of a TD Bank message stating that the Ontario Securities Commission has approved four products from Purpose, Evolve, CI, and 3iQ.
The funds will offer a Solana staking feature, potentially providing higher yields compared to similar Ethereum-based products and reducing the costs of owning an ETF, according to a TD Bank statement.
Balchunas noted that in March, Volatility Shares had already launched two futures-based SOL ETFs in the US, which “haven’t done much.” The assets under management remain small: approximately $5.1 million in one fund and $8.7 million in another, according to The Block tracker.
Back in February 7, the SEC accepted an NYSE Arca application via form 19b-4 to amend rules that would allow the listing of a spot exchange-traded fund based on Solana ETFs from Grayscale Investments.
The regulator is also considering proposals from 21Shares, Bitwise, Canary, and VanEck.