Canada is set to launch the world's first spot Solana ETFs this week, leapfrogging the U.S. in the race for altcoin ETFs. The Ontario Securities Commission has approved applications from several issuers, including Purpose, Evolve, CI, and 3iQ, to trade the ETFs, Bloomberg analyst Eric Balchunas originally reported.

The ETF will offer direct spot access to Solana, the sixth-largest cryptocurrency by market cap, currently valued at $68.2 billion, according to CoinGecko. Solana is also the blockchain that powers several memecoins, such as the Trump MAGA coin.

One of the approved issuers, Purpose Investments, announced the upcoming launch of the Purpose Solana ETF on the Toronto Stock Exchange on April 16. In addition to providing direct spot access to Solana, the product is designed to provide attractive staking rewards.

These ETFs will also feature staking, a first for the industry. Staking is the process of contributing cryptocurrency assets to support the security and operations of a blockchain network, for which participants are rewarded.

This development could potentially impact numerous similar Solana spot ETF applications in the US that are currently awaiting SEC approval.