Key Points
- Canada launched the first spot Solana ETFs in North America, prompting a price rally.
- Solana gained over 4%, outperforming the broader market.
- The U.S. has yet to approve similar ETFs, leaving room for more growth if approval comes.
Solana’s price climbed more than 4% Thursday after Canadian regulators approved and launched the first spot Solana exchange-traded funds (ETFs) in North America. Four asset managers began trading the funds this week on the Toronto Stock Exchange, marking a milestone in the token’s push for institutional acceptance.
While crypto markets remained volatile due to global economic uncertainty, Solana outperformed most major assets, briefly trading above $135. The gains were supported by surging demand in decentralized exchanges (DEXs), as Solana overtook Ethereum in weekly trading volume.
ETF Launch Boosts Institutional Interest
The Solana ETFs, launched by 3iQ, CI Global Asset Management, Purpose Investments, and Evolve, give Canadian investors direct exposure to the cryptocurrency without the need to hold it in private wallets. The funds hold physical SOL, unlike the futures-based ETFs currently available in the U.S.
Each fund differs slightly in fee structures and staking strategies, but all provide spot exposure to Solana’s price action. Several of the funds plan to stake portions of their SOL holdings to generate rewards, a method that adds a yield component to otherwise static exposure.
Market Action
The price of Solana moved from $123.64 earlier in the week to a high of $135.57 after the ETF launches. Blockchain data shows over 32 million SOL were accumulated around $129.79, forming a strong price floor.
Solana’s 16% gain in DEX activity over the past seven days — along with a 12% increase in total value locked (TVL) — has pushed the network back ahead of Ethereum in DEX volume rankings. That helped fuel further interest in the token among both retail and institutional investors.
Final Thoughts
Canada’s early approval puts more pressure on U.S. regulators, who have yet to greenlight a spot Solana ETF. If the U.S. Securities and Exchange Commission (SEC) follows suit, experts believe Solana could see another significant rally.
While short-term volatility remains, some asset managers are looking beyond the daily price swings.
That global interest suggests Solana is gaining ground as a serious blockchain contender, not just for retail users but also for institutions looking to diversify their crypto holdings.
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