Solana (SOL) experienced a notable jump this week, rising over 4.5% to hit $134.56—marking its highest value so far this month. This surge followed the launch of the world’s first spot Solana exchange-traded funds (ETFs) on the Toronto Stock Exchange (TSX). The development has sparked global interest, reinforcing Canada’s growing reputation as a leader in the regulated digital asset investment space.

Solana Surges as Canada Launches First Spot ETFs

On Thursday, Solana (SOL) reached its highest price in April, doing better than other big cryptocurrencies. This increase happened after the launch of several Solana ETFs in Canada, which allow staking, and important updates to Solana’s network on Coinbase, a popular exchange. By Friday morning, Solana was priced above $136, the highest it’s been since March 28. Its price went up 6% that day, doing better than Bitcoin, Ethereum, and XRP. Over the past week, Solana’s value increased by 23%, making it one of the top 100 cryptocurrencies.

Four Solana spot ETFs were launched on the Toronto Stock Exchange (TSX) this week after getting approval from the Ontario Securities Commission (OSC). These ETFs, created by Purpose Investments, CI Global Asset Management, 3iQ, and Evolve, track Solana’s price and offer extra staking rewards of about 6-8% per year. Solana becomes the third cryptocurrency, after Bitcoin and Ethereum, to be included in publicly traded ETFs in Canada. Commenting on the launch, Som Seif, CEO of Purpose Investments, said in a statement:

“With the growing adoption of Solana’s ecosystem in DeFi, NFTs, and gaming, we believe this ETF will bridge a critical gap for Canadian investors seeking safe, compliant access to high-growth digital assets.”

Solana’s price has found firm support between $125 and $127, with resistance at approximately $133.50.  As per blockchain data, around 32 million SOL are stacked up around the level of $129.79, which may potentially influence the future price fluctuations. The introduction of Solana spot ETFs, such as the CSOL ETF by Purpose Investments, comes at the same time as this price increase. The ETFs provide Canadian investors with a simple, regulated way to own Solana without having to deal with digital wallets or self-custody.

Institutional Backing Accelerates

Ark Invest’s Cathie Wood has invested $4.95 million in the newly created 3iQ Solana Staking ETF (SOLQ.U) through its ARK Fintech Innovation and ARK Next Generation Internet ETFs.  

This follows a prior purchase of 500,000 shares, suggesting growing institutional confidence in Solana.  

The investment is also in line with Ark’s efforts to reduce its exposure to Bitcoin by selling units of its ARK 21Shares Bitcoin ETF. This action is a strategic pivot toward other Layer-1 blockchain tokens.  The launch of the 3iQ Solana ETF has already attracted $270 million in staking deposits, augmenting Solana’s growing institutional acceptability.

Conclusion

The introduction of spot Solana ETFs on the Toronto Stock Exchange is more than just a market milestone; it represents a turning point for the wider cryptocurrency community. By combining traditional banking with decentralized technology, Solana has established itself as a valid, regulated asset in institutional portfolios. As Canada confirms its leadership in digital asset innovation, this event has the potential to start a worldwide revolution, increasing ETF adoption and influencing regulatory changes, particularly in the United States and Europe.