Canada again set to beat US to milestone crypto ETF launch

Four firms prepare their launches on the Toronto Stock Exchange while the SEC mulls proposals

article-image

Satheesh Sankaran/Shutterstock and Adobe modified by Blockworks

share

This is a segment from the Forward Guidance newsletter. To read full editions, subscribe.


Canada is leading the way again — this time on spot solana ETFs. 

Such products from Purpose Investments, Evolve, 3iQ, and CI Global Asset Management are set to debut Wednesday on the Toronto Stock Exchange.

Crypto ETF milestones in Canada are not new. In case you forgot, Purpose launched the world’s first bitcoin ETF backed by physically settled bitcoin in February 2021. Other issuers in the country brought their own products to market shortly after.

Canadian securities regulators cleared spot ether ETFs just two months after the first bitcoin funds hit the market.

As you probably know, the SEC didn’t greenlight spot bitcoin and ether ETFs until 2024.   

Fast forward to today, and despite a crypto-friendly president, Congress, and SEC helping the US catch up to the rest of the world, Canada has won the race to wrap yet another crypto asset into a familiar financial vehicle.

I spoke with 3iQ when the firm filed for a solana fund last summer; VanEck proposed a spot solana ETF in the US around the same time. While other US issuers have since followed, the SEC may be patient, as CME SOL futures contracts just went live last month. 

It’s also worth mentioning that ether ETFs in Canada and elsewhere stake a portion of the ETH they hold. The US ether funds do not, and the SEC continues mulling proposals to allow those ETFs to start doing so.

SEC Commissioner Hester Peirce noted in a February statement that “the commission may have to make progress on custody and other issues” before allowing these changes to existing ETFs. 

Back to the solana funds: Evolve said in a Monday release that it intends to initially stake up to half of the portfolio’s SOL. As we mentioned yesterday, the firm touted its initial 0% management fee (through the end of 2025).

Purpose noted that staking would be powered by its in-house validator infrastructure, eliminating third-party costs. CI’s fund is subadvised by Galaxy Asset Management, a spokesperson told me. Galaxy is set to facilitate staking arrangements for the fund.

A 3iQ spokesperson confirmed that the company anticipates the launch of its solana ETF this week, but declined to comment further.

Let the race for assets begin.


Get the news in your inbox. Explore Blockworks newsletters:

Tags

Decoding crypto and the markets. Daily, with Byron Gilliam.

Upcoming Events

Javits Center North | 445 11th Ave

Tues - Thurs, March 24 - 26, 2026

Blockworks’ Digital Asset Summit (DAS) will feature conversations between the builders, allocators, and legislators who will shape the trajectory of the digital asset ecosystem in the US and abroad.

recent research

Unlocked by Template.png

Research

The march toward an interoperable and onchain-by-default internet depends on reliable messaging and value transfer across heterogeneous domains. Crosschain protocols now process >$1.3T in combined annual transfer volume and secure tens of millions of user interactions, yet no single design dominates.

article-image

The goal, per Santiago Santos, is to make crypto a relatable piece of tech for people who may not even understand it

article-image

Stripe stablecoin unit aims to operate under a federal charter enabling regulated stablecoin issuance and custody services

by Blockworks /
article-image

Will TradFi make crypto better or create more problems than it solves?

article-image

Subtle decisions by risk curators saved Aave from significant turmoil

article-image

The new Rootstock Institutional unit aims to connect professional investors to Bitcoin-native yield and liquidity strategies anchored in BTC’s security layer

by Blockworks /
article-image

DOJ files record civil forfeiture against more than 127,000 BTC linked to scam activity

by Blockworks /