David Edwards
Canadian retail investors have a new addition to their cryptocurrency investment options, as four spot Solana (SOL) exchange-traded funds (ETFs) officially launched on the Toronto Stock Exchange (TSX) on Wednesday. However, analysts suggest the new offerings may face muted demand.
Following approval earlier this week by the Ontario Securities Commission (OSC), Purpose Investments (ticker: SOLL), CI Global Asset Management (SOLX), 3iQ (SOLQ), and Evolve Funds (SOLA) listed their respective Solana ETFs. These products, which also incorporate staking rewards, broaden the limited but growing market for crypto spot ETFs in Canada.
Solana thus becomes the third cryptocurrency to receive regulatory clearance for inclusion in Canadian spot ETFs, joining Bitcoin (BTC) and Ethereum (ETH).
Despite the milestone, skepticism about investor enthusiasm remains. Bloomberg ETF analyst Eric Balchunas expressed doubts regarding the funds’ potential success, noting that futures-based Solana ETFs launched in the United States last month have struggled to gain traction.
“The two Solana ETFs in the U.S. (which track futures, so not a perfect guinea pig) haven’t done much,” Balchunas commented on X. “The 2x XRP already has more assets under management (AUM) than both the Solana ETFs combined, and it launched later.”
While the introduction of spot Solana ETFs in Canada represents a significant expansion of digital asset investment products, their future growth will likely hinge on broader retail adoption and continued confidence in the cryptocurrency sector.
