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Canada will launch a Spot Solana ETF this week: report
Source: The Block
According to a report shared by Eric Balchunas, a senior ETF analyst at Bloomberg, four asset management companies will launch a spot Solana ETF in Canada, scheduled for release on Wednesday.
The upcoming Solana ETF will offer staking features.
According to a bank announcement cited by Eric Balchunas, a senior ETF analyst at Bloomberg, Canada is set to launch several spot Solana exchange-traded funds. Balchunas shared a screenshot of an announcement from Canada's TD Bank on X, which stated that the Ontario Securities Commission has approved the "world's first" spot Solana ETF issued by Purpose, Evolve, CI, and 3iQ. These ETFs are expected to be listed on April 16.
The announcement states that the upcoming ETF will provide staking features to earn rewards, "which may offer higher returns than Ethereum staking and reduce the overall cost of holding the ETF."
The Block has contacted the Ontario Securities Commission, TD Bank, and these four asset management companies for further comments.
At the same time, large asset management companies in the United States are scrambling to submit spot Solana ETF applications. According to The Block's Solana ETF tracker, firms such as Grayscale, Bitwise, 21Shares, Canary, and VanEck are all seeking to launch such products.
In March, Volatility Shares launched two Solana futures ETFs in the United States. The Volatility Shares Solana ETF provides exposure to Solana futures contracts, currently managing approximately $5.1 million in assets, while the Volatility Shares 2X Solana ETF has an asset management scale of about $8.7 million.
Balchunas stated: "By the way, these two Solana ETFs in the U.S. (which track futures and are therefore not perfect subjects for experimentation) have performed poorly, with very little assets under management. The assets under management for 2x XRP have already surpassed those of these two Solana ETFs, even though it was launched later. While this shouldn't be overinterpreted, it is the first time we have observed competition among alternative coins."