Source: Cointelegraph Original: "{title}"

Update (April 14, 9:12 PM local time): This article has been updated to include comments from the Ontario Securities Commission.

According to Bloomberg analyst Eric Balchunas, a spot Solana (SOL) ETF is expected to launch in Canada on April 16.

Balchunas shared a private client note from Canadian financial institution TD Bank in a post on X on April 14, stating that the Ontario Securities Commission (OSC) has approved asset management companies Purpose, Evolve, CI, and 3iQ to issue ETFs holding Solana (SOL).

Canada does not have a federal securities regulator; provinces and territories enforce securities regulation according to their own securities laws. The Toronto Stock Exchange is regulated by the OSC in Ontario.

Balchunas noted that these ETFs are allowed to use a portion of their SOL holdings for staking to earn additional yield, adding that this listing marks "the first time we are seeing a race among altcoins."

The Ontario Securities Commission stated in a statement to Cointelegraph that the approval and oversight of the SOL ETF is based on a notice released in January aimed at amending the rules regarding publicly traded cryptocurrency funds.

Source: Eric Balchunas

Waiting for U.S. Approval

The U.S. Securities and Exchange Commission (SEC) has received multiple applications aimed at listing ETFs that hold alternative cryptocurrencies or "altcoins," but to date, the SEC has only approved funds for trading that hold spot Bitcoin (BTC) and Ethereum (ETH).

Currently, staking is still not permitted in U.S. cryptocurrency ETFs. Bloomberg analyst James Seyffart indicated that an Ethereum ETF may receive approval to begin staking in May, but the entire process could take several months to complete.

However, Katalin Tischhauser, head of research at cryptocurrency bank Sygnum, stated in an interview with Cointelegraph in August 2024 that investor demand for altcoin ETFs may not be as strong as for funds holding core cryptocurrencies.

"There is a lot of excitement in the market about these ETFs coming soon, but no one can point to where there will be substantial demand," Tischhauser said.

The net assets of Volatility Shares' SOL futures ETF are approximately $5 million. Source: Volatility Shares

In March, asset management company Volatility Shares launched the first ETF tracking Solana's performance through financial derivatives. The Volatility Shares Solana ETF (SOLZ) has seen a lukewarm response in the market, with net assets of only about $5 million as of April 14.

"By the way, the two Solana ETFs listed in the U.S. (which track futures, so they are not perfect benchmarks) have not performed well. Their assets under management (AUM) are very small. In contrast, the 2x leveraged XRP ETF has already achieved a higher AUM after the launch of these two Solana ETFs," Balchunas said.

Balchunas added that he "wouldn't interpret this outcome as a prediction for the spot Solana ETF."

Related: South Korea blocks 14 cryptocurrency exchanges on Apple Store

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