Four investment firms — Purpose, Evolve, CI, and 3iQ — have announced the launch of the world’s first spot Solana ETFs on April 16. The funds will be listed on the Toronto Stock Exchange following approval by the Ontario Securities Commission (OSC), becoming the first such products available on a regulated market.

The Solana ETFs will feature token staking, which analysts believe may offer higher yields compared to Ethereum-based funds. The regulatory green light was granted after Canada’s January reforms allowing public funds to include crypto assets.

In contrast, the U.S. has yet to approve similar ETFs. Firms like Grayscale, Bitwise, and VanEck have filed applications with the SEC, but American regulators still prohibit staking in crypto ETFs. Currently, the U.S. only has Solana futures ETFs, launched by Volatility Shares, which have attracted limited assets.

The OSC’s decision marks a milestone for altcoin ETFs. According to Bloomberg’s senior ETF analyst Eric Balchunas, these new funds will demonstrate how Solana can perform in institutional portfolios.

The ETFs will allow investors to gain exposure to Solana without directly owning tokens. The move is seen as a major step in Canada’s ongoing leadership in institutionalizing the crypto market and once again places it ahead of the U.S. in launching cutting-edge crypto financial products.