ETFs for Solana: The Great Canadian Launch! 🚀

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Well now, gather ’round, folks! It seems that the good ol’ Spot Solana exchange-traded funds (ETFs) are fixin’ to make their grand debut in the land of maple syrup and polite apologies—Canada, on the 16th of April, as per the wise words of Bloomberg’s own oracle, Eric Balchunas. 🍁

In a recent post on the X platform, dated the 14th of April, our dear analyst shared a note from the fine folks at TD Bank, a Canadian institution that’s as reliable as a beaver dam. They claim that the Ontario Securities Commission (OSC) has given the green light to asset managers Purpose, Evolve, CI, and 3iQ to roll out ETFs that hold a bit of that shiny Solana (SOL). Ain’t that a hoot? 🤔

Now, don’t go holdin’ your breath for a comment from the OSC; they seem to be as quiet as a church mouse when it comes to CryptoMoon’s inquiries. It’s worth noting that Canada, unlike its southern neighbor, doesn’t have a federal securities agency. Instead, each province and territory has its own set of rules, making it a bit like a game of poker where everyone’s got their own deck. 🃏

According to Balchunas, these ETFs are allowed to stake a portion of their SOL holdings for a little extra yield, which he cheekily refers to as “our first look at the altcoin race.” Sounds like a real barn burner! 🏇

Waiting on US approval

Now, let’s turn our gaze southward to the United States, where the Securities and Exchange Commission (SEC) has been sitting on a pile of ETF applications like a cat on a hot tin roof. They’ve only given the nod to funds holding spot Bitcoin (BTC) and Ether (ETH) so far. Talk about a slow dance! 💃

Staking? Well, that’s still a no-go for US crypto ETFs. Our friend James Seyffart from Bloomberg suggests that Ether ETFs might get the green light to start staking as soon as May, but don’t hold your breath—this could take longer than a turtle crossing the road. 🐢

However, Katalin Tischhauser, the head of research at crypto bank Sygnum, has her doubts about the demand for altcoin ETFs. She told CryptoMoon back in August that there’s a whole lot of frothy excitement, but no one seems to know where the substantial demand is gonna come from. Sounds like a classic case of “the emperor has no clothes!” 👗

In March, the asset manager Volatility Shares launched the first ETFs to track Solana’s performance using financial derivatives. But alas, the Volatility Shares Solana ETF (SOLZ) has been received with all the enthusiasm of a wet blanket, attracting a mere $5 million in net assets as of April 14. Not exactly a gold rush, is it? 💰

Balchunas remarked, “FWIW, the 2 Solana ETFs in the US (which track futures, so not a perfect guinea pig) haven’t done much. Very little in AUM. The 2x XRP already has more AUM than both the Solana ETFs and it came out after.” So, don’t go reading too much into this as a predictor for spot SOL ETFs, folks. It’s a wild world out there! 🌍

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2025-04-14 23:26