Canada is continuing its crypto ETF leadership with the launch of the world’s first spot Solana (SOL) exchange-traded funds this week. The Ontario Securities Commission (OSC) has given approval to four asset managers to list these pioneering products with staking capabilities on the Toronto Stock Exchange starting April 16.

According to Bloomberg senior analyst Eric Balchunas, Purpose Investments, Evolve Funds Group, CI Global Asset Management, and 3iQ Digital Asset Management will offer these new Solana. The launch marks another instance where Canada has moved ahead of the United States in crypto spot staking innovation.

The new products will allow investors to gain exposure to Solana through a regulated investment vehicle. Unlike futures-based alternatives, these ETFs will hold actual SOL tokens. They will also engage in staking activities to earn rewards, potentially offering higher yields than Ethereum staking while reducing overall its holding costs.

Canada on Top For Major Crypto ETF Leadership.

This isn’t Canada’s first move as a crypto ETF pioneer. The country approved its first spot in February 2021, well before the United States. Canadian regulators have consistently shown more openness to crypto innovation within regulated frameworks.

The OSC’s approval comes as interest in spot crypto grows globally. In January 2024, the U.S. Securities and Exchange Commission (SEC) finally approved spot solana after years of resistance. Hong Kong and Australian markets have also introduced regulated spot crypto recently.

However, Canadian regulators have gone a step further by approving staking within it. Staking has become a key feature investors look for in the next generation of crypto products. While Canadian authorities have embraced this functionality, U.S. regulators remain cautious.

Additionally,Blackrock and Fidelity have made a significant impact over the past decade, with both now ranked among the top 10 best-performing ETFs despite only having launched just 10 months ago on January 11.

Staking can improve yields and offset holding costs, making these more attractive. However, according to Balchunas, TD Bank will assist in processing staking information but will not directly facilitate it.

United States Hesitancy On Staking.

The SEC recently delayed a decision on Grayscale’s proposal to include a stake in its spot Ethereum . The Commission extended the review period to June 1, 2025, citing the need for more analysis.Though U.S. spot Bitcoin ETFs amass $28 billion in assets, South Korea risks falling behind in the crypto market.

To date, the SEC has not approved staking in any of it. Bloomberg analyst James Seyffart has projected that U.S.-listed ETFs could gain permission to engage in staking by late 2025, depending on regulatory developments.