Investing.com -- Canada is set to launch the world's first spot Solana Exchange Traded Funds (ETFs) this week, beating the United States in the race for altcoin ETFs. The Ontario Securities Commission has given its approval to several issuers, including Purpose, Evolve, CI, and 3iQ, to trade these ETFs. This development was initially reported by Bloomberg analyst Eric Balchunas.
The ETFs will offer direct spot exposure to Solana, the sixth-largest cryptocurrency by market cap, currently valued at $68.2 billion, according to CoinGecko. Solana is also the blockchain supporting several meme coins, such as the Trump MAGA coin.
One of the approved issuers, Purpose Investments, announced the upcoming launch of the Purpose Solana ETF on the Toronto Stock Exchange on April 16. In addition to offering direct spot exposure to Solana, the product is designed to provide attractive staking rewards.
These ETFs will also engage in staking, a first in the industry. Staking is the process of committing cryptocurrency assets to support a blockchain network's security and operations, in exchange for which participants receive rewards.
This development could potentially influence the numerous similar spot Solana ETF filings in the U.S., which are currently awaiting SEC approval.