Today, April 16, in Canada, several spot ETFs on Solana are debuting for the first time. Bloomberg analyst Eric Balchunas states this, adding that staking on a portion of the SOL reserves will also be allowed to obtain an additional yield.
Canada and the debut of spot Solana ETFs
The Bloomberg analyst, Eric Balchunas, revealed in a post on X that today, April 16, several spot ETFs on Solana debut in Canada.
In the confidential note for TD Bank clients, it is stated that the Ontario Securities Commission (OSC) has authorized the asset managers Purpose, Evolve, CI, and 3iQ to issue ETFs based on SOL.
Not only that, the document states that it will be allowed to stake a portion of the SOL reserves to obtain an additional yield.
Source
“Canada is preparing the Solana spot ETFs to launch this week after the regulator gave the green light to several issuers, including Purpose, Evolve, CI, and 3iQ. The ETFs will include staking through TD.
FWIW, the 2 Solana ETFs in the United States (which track futures, so they are not a perfect guinea pig) have not done much. Very little in AUM. The XRP 2x already has more AUM than both Solana ETFs and came out later. I wouldn’t read too much into it, but it’s our first look at the alternative coin bull run.”
Balchunas downplayed the potential performance of the product by comparing it to what happens in the USA: the ETF on SOL did not work due to the strong interest in the Tecrium XRP ETF.
Canada and the launch of multiple ETFs on Solana: the price of SOL
The news of the launch of the ETF on Solana in Canada was given by the Bloomberg analyst two days ago.
Yet, looking at the price performance of SOL, it does not seem that investors have appreciated it.
At the time of writing, SOL is worth $125, in a pump of 19% over the last seven days, but in a dump of -5% over the last 24 hours. It seems that SOL is following the general trend of the crypto market.
In any case, the current price is half of its ATH – All-Time High reached at the end of January, when SOL was worth $257.
USA: the SEC delays with crypto ETF modifications
Taking a look at the crypto ETF situation in the USA, recently the Securities and Exchange Commission (or SEC) has commented on some timelines.
In practice, the SEC would have postponed some of its decisions on requests for modifications of certain crypto ETFs.
For example, in the case of VanEck, the SEC has decided to take another 45 days for the proposed amendment request by Cboe BZX on the VanEck Bitcoin Trust and VanEck Ethereum Trust. Here, the idea is to allow “in-kind creations and redemptions” for these ETFs.
The same timing was then chosen for the final decision on the same changes requested for the WisdomTree Bitcoin Fund.
The request from NYSE Arca regarding the rule change for the Grayscale Ethereum Trust ETF and Grayscale Ethereum Mini Trust ETF also sees its decision postponed to June. In this case, the proposal would allow the two trusts to hold ETH and activate staking.
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