Demand for Canada solana ETFs could be muted as US versions wait their turn

Industry watchers note that SOL ETFs have attracted a fraction of the demand for bitcoin and ether ETFs

article-image

Akif CUBUK/Shutterstock and Adobe modified by Blockworks

share

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


We’ve highlighted the milestone that is spot solana ETFs launching on the Toronto Stock Exchange, but industry watchers aren’t expecting big demand initially.

ETF.com analyst Sumit Roy noted that spot ether ETFs in Canada hold about $500 million in assets — roughly one-tenth of the money in Canadian spot crypto ETFs overall. The rest resides in bitcoin products.  

“We’ve seen a similar phenomenon here in the US, where ether ETFs have attracted a fraction of the demand that bitcoin ETFs have,” Roy told me. “And so it’s reasonable to assume that SOL, which is an even less popular cryptocurrency than ether, will have less demand in turn.” 

The market cap of ether is roughly 3x larger than that of solana — at $190 billion, compared to SOL’s $65 billion.

Most US investors might wait for US-listed solana ETFs before seeking out that exposure, Roy added. Even then, Bloomberg Intelligence analyst James Seyffart said frankly: “I don’t see a massive wall of demand for solana ETFs here in the US.”

Volatility Shares’ two US solana futures ETFs have just $15 million in combined AUM after nearly a month on the market. 

“That said, over time, I think SOL ETFs can grow,” Roy said. “Solana is a vibrant blockchain that’s at the center of the memecoin phenomenon.” 

As for when we could see spot solana ETFs in the US, Seyffart previously pinned the odds of SEC approval at 70% by the end of the year. 

He told me this morning he still expects those funds — as well as proposals to allow staking in the US ETH products — to get the green light in the coming months. 

“Final deadlines for both of those things are in October 2025, but the SEC could move quicker if they wanted,” Seyffart said. 

As noted yesterday, Canada beating the US to crypto ETFs is nothing new. Its spot bitcoin and ether ETFs launched three years before similar products hit the US market. Heck, Canada welcomed the first ETF ever in 1990 — three years before the SPDR S&P 500 ETF (SPY) debuted in the US.   

“I don’t think the SEC will feel any pressure from what regulators in Canada do,” Roy said. “They will move to the beat of their own drum as they’ve always done.”


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.

Old Billingsgate

Mon - Wed, October 13 - 15, 2025

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 (1).jpg

Research

As AI supercharges surveillance, privacy becomes a prerequisite and the winning stack will combine confidentiality with selective disclosure. Zcash’s Tachyon, composable standards on Ethereum/Solana, and compliance-aware pools aim to make private rails the new norm.

article-image

The startup says it aims to rival Stripe and Worldpay by using stablecoins to speed merchant settlements from days to seconds

by Blockworks /
article-image

“S&P 500” for crypto comes as segment gains “established role in global markets,” S&P exec says

article-image

The S&P Digital Markets 50 Index combines 15 cryptocurrencies with 35 crypto-linked companies, offering investors hybrid exposure

by Blockworks /
article-image

Gnosis is betting that openness — not ownership — will define the future of onchain money

article-image

Crypto’s quest to imbue shareholder protections for tokens

article-image

Grass previously raised a seed and Series A rounds and plans to utilize the token purchase to execute on its roadmap