Canada Launches First Solana Spot ETFs on Toronto Stock Exchange April 16

Canada's cryptocurrency market is set to make history this week. The world's first Solana (SOL) spot exchange-traded funds (ETFs) are slated to launch on the Toronto Stock Exchange on April 16, marking a significant step toward mainstream adoption of altcoin.

According to Bloomberg ETF analyst Eric Balchunas, the Ontario Securities Commission (OSC) has greenlit four asset management firms—Purpose Investments, Evolve Funds Group, CI Global Asset Management, and 3iQ Digital Asset Management—to issue Solana spot ETFs. These funds, set to begin trading on Wednesday, April 16, will allow investors to gain direct exposure to SOL.

Unlike earlier crypto ETFs based on futures contracts, these Solana spot ETFs will hold SOL directly, with their performance closely tracking SOL price. Moreover, a standout feature of these ETFs is their support for SOL staking, enabling funds to generate additional yield for investors through the Solana network's proof-of-stake mechanism. This staking functionality is expected to reduce management fees while boosting return potential, a design that industry experts view as a draw for both institutional and retail investors. Balchunas noted, "It's our first look at the altcoin race."

Solana, a high-performance blockchain known for its scalability, has seen remarkable growth in its ecosystem in recent years, laying the groundwork for this ETF launch. In 2025, the total value locked (TVL) in Solana's stablecoin ecosystem surged past $10 billion, attracting major financial players like PayPal and Venmo, which now support SOL transfers on their platforms. Solana's on-chain metrics, including active addresses and transaction volume, continue to climb, underscoring its growing role in decentralized application (DApp) development. The ETF launch is poised to further accelerate institutional adoption of SOL.

Canada has long been a trailblazer in crypto finance. In 2021, it became the first country to introduce spot Bitcoin and Ethereum ETFs, which drew over 2 billion in capital inflows according to Glassnode. The debut of Solana spot ETFs reinforces Canada's position as a testing ground for innovative crypto investment products.

By contrast, the United States has lagged in approving altcoin ETFs. While firms like Grayscale, VanEck, and 21Shares have filed applications for Solana ETFs with the U.S. Securities and Exchange Commission (SEC), Balchunas highlighted that U.S.-approved Solana ETFs remain limited to futures-based products. These have seen lukewarm reception, managing only about $13 million in assets. Balchunas also noted that a recently launched 2x leveraged XRP ETF has already surpassed the Solana futures ETF in assets under management, signaling limited U.S. appetite for SOL exposure thus far.

The introduction of Solana spot ETFs offers investors a regulated and accessible way to participate in the Solana ecosystem. However, risks remain. In a February interview with Cointelegraph, Katalin Tischhauser, head of research at crypto bank Sygnum, cautioned that demand for altcoin ETFs may trail that for funds tied to major cryptocurrencies like Bitcoin and Ethereum. "There is all this frothy excitement in the market about these ETFs coming, and no one can point to where substantial demand is going to come from," Tischhauser said. As of this writing, Solana's price hovers around $131, showing no significant movement in response to the upcoming ETF launch in Canada.