YEREVAN (CoinChapter.com) — Spot Solana ETFs will officially launch in Canada on April 16, according to Bloomberg analyst Eric Balchunas’s X post. In the post, he cited a private client note from TD Bank, which confirmed that the Ontario Securities Commission (OSC) approved four issuers.
As a result, Purpose, Evolve, CI, and 3iQ will each list a Solana ETF in Canada. These funds will hold Solana (SOL) and also include SOL staking. The funds can earn additional yield by locking SOL on the network through staking. With this move, the spot Solana ETF launch brings Canada into the countries offering regulated altcoin investment vehicles. Unlike the U.S., Canada currently allows both spot ETF structures and staking features under its provincial regulatory framework.
Ontario Securities Commission Approves Solana ETF Canada Plans
The Ontario Securities Commission said the Solana ETF Canada launch follows rule changes introduced in January 2024. These changes revised the legal framework for publicly traded crypto funds in Ontario.
According to the OSC, each Solana ETF must follow the updated rules to offer staking and on-chain exposure. However, the statement did not specify the exact staking percentage allowed. Still, regulatory oversight remains in place for all issuers. In Ontario, the OSC oversees financial markets, including Toronto’s exchange. Since Canada lacks a single federal securities agency, each province applies its regulations.
Meanwhile, Eric Balchunas referred to the upcoming ETFs as “our first look at the alt coin race.” His X post included a screenshot from a TD Bank client memo that outlined key details about the Solana ETF Canada launch.
U.S. Still Blocks Spot Solana ETFs and Staking
The U.S. Securities and Exchange Commission (SEC) has not approved any spot Solana ETFs so far. At present, only Bitcoin and Ether spot ETFs are permitted. Although several applications exist for altcoin-based ETFs, none have received regulatory clearance.
Additionally, staking remains prohibited for all U.S.-based crypto ETFs. Bloomberg analyst James Seyffart mentioned that Ether ETFs might receive staking approval by May. However, the process is still ongoing, and no confirmed timeline exists.
As a result, the U.S. continues to lag behind Canada in approving both spot Solana ETFs and staking. This situation highlights the regulatory differences between markets in North America.
Low Demand Hits U.S. Solana Futures ETFs Despite Early Launch
Meanwhile, U.S. asset manager Volatility Shares launched the first Solana futures ETF in March 2025. The product, named SOLZ, tracks Solana’s price using financial derivatives. According to Volatility Shares’ website, it held around $5 million in net assets as of April 14.
In response, Eric Balchunas noted the underperformance of Solana futures ETFs in the U.S. He pointed out that both Solana futures products had low total assets under management. In contrast, the 2x XRP ETF attracted more funds despite launching after the Solana products.
“FWIW, the 2 Solana ETFs in US (which track futures so not a perfect guinea pig) haven’t done much,”
Balchunas posted.
“Very little in AUM.”
He clarified that this performance should not be used to predict the future of spot Solana ETFs in Canada. The product structure and market conditions are different.