Is the US next? First Solana spot ETF launches in Canada
A milestone for Solana: the popular crypto gets its first spot ETF in Canada.
A milestone for Solana: the popular cryptocurrency gets its first Spot ETF in Canada. The launch took place on April 16, 2024 and marks an important step toward institutional recognition.
Four Canadian asset managers got approval to launch the Spot ETF: Purpose Investments, Evolve ETFs, CI Global Asset Management and 3iQ. Notably, the ETF also includes staking options, a first in this segment. That comes from a post by Eric Balchunas, senior crypto analyst at Bloomberg.
Spot ETFs are seen as an important institutional acknowledgment for cryptocurrencies. They let big investors gain exposure to digital coins without actually owning crypto, reducing risks and technical barriers. In the United States, Spot ETFs have previously shown to spur price movements: after the first Bitcoin Spot ETF was approved in January 2024, Bitcoin's price doubled within twelve months. Other factors, such as the halving, also played a role.
The hope now rests on a similar effect for Solana. Canada's launch is seen as a promising signal that institutions are starting to take Solana seriously. In the US, applications for Solana Spot ETFs have already been filed. With the recent change in the White House, the chances of approval look bigger than ever. There are already futures ETFs on Solana – a move to Spot would be the next logical step.
Solana was launched in 2021 and is now the sixth-largest cryptocurrency in the world. With a price of $135 and a market cap of $65 billion, Solana is now worth more than companies like PayPal, Barclays, or Universal Music.
