Solana ETFs Launch on Toronto Stock Exchange

Canadian retail investors now have a third option on their spot crypto exchange-traded fund (ETF) menu, but one analyst says it may not be as big of a deal.

Canada Debuts Inaugural Batch of Solana ETFs

Four investment managers launched spot solana ( SOL) ETFs on Wednesday after Canada’s largest regulator, the Ontario Securities Commission (OSC), gave the thumbs up earlier in the week.

Purpose Investments (SOLL), CI Global Asset Management (SOLX), 3iQ (SOLQ), and Evolve (SOLA), all listed different flavors of their solana ETFs, which will include staking rewards, on the Toronto Stock Exchange (TSX), the country’s largest exchange, Wednesday morning.

Solana is now the third cryptocurrency approved for use as a spot asset underlying publicly traded ETFs in Canada, with bitcoin ( BTC) and ether ( ETH) being the other two.

Bloomberg ETF analyst Eric Balchunas appeared sceptical about the level of interest the new funds will be able to generate. A couple of futures-based solana ETFs were launched in the U.S. last month but haven’t attracted significant retail investment.

“The two solana ETFs in [the] U.S. (which track futures, so not a perfect guinea pig) haven’t done much,” Balchunas explained in a post on X. “The 2x XRP already has more AUM than both the solana ETFs and it came out after.”