Canada plans to introduce the first exchange-traded fund (ETF) for Solana (SOL) with staking capability on Thursday. The Ontario Securities Commission has approved four asset management companies to offer these ETFs on the Toronto Stock Exchange. These funds will invest in real and long-term assets of Solana and track various indices. Additionally, these ETFs will engage in staking activities to reward investors, potentially offering higher returns compared to staking Ethereum and reducing ETF maintenance costs. This move comes amid growing global interest in cryptocurrency ETFs. While the approval for Bitcoin spot ETFs was granted in the U.S. in January 2024, requests for other cryptocurrency ETFs have also been made. However, Solana-based ETFs in the U.S. have low managed assets and have seen limited interest. Various companies in the U.S. have applied to launch Solana and XRP-based ETFs, but have not yet received legal approval. Meanwhile, markets in Hong Kong and Australia have also launched several cryptocurrency spot ETFs. Canada previously established the first Bitcoin spot ETF in February 2021. Staking has become a key feature of the new generation of cryptocurrency ETFs. While Canadian authorities have approved it, the U.S. SEC is still reviewing it and has postponed the decision on Grayscale’s Ethereum staking ETF until June 1, 2025. At the time of writing this news, Solana is priced at $132 with a 0.5% decrease in the past 24 hours. Visit the digital currency price page to monitor the live prices of all tokens and cryptocurrencies.
