Canadian Crypto ETFs Shatter Records as Solana and XRP Funds Soar
Canada's burgeoning digital asset market is making headlines, as new altcoin exchange-traded funds (ETFs) focused on Solana (SOL) and XRP have achieved unprecedented assets under management (AUM). These significant milestones underscore a growing appetite among both institutional and retail investors for regulated exposure to a wider range of cryptocurrencies.
Solana and XRP Funds Dominate Canadian Market
In a remarkable display of investor confidence, the Solana-focused SOLQ ETF has surged past C$300 million in AUM, while its XRP-focused counterpart, XRPQ, has topped C$150 million. These figures, announced recently, position both funds as leaders in their respective categories among Canadian peers. The SOLQ ETF, which debuted on the Toronto Stock Exchange in April, has seen strong early allocations, notably from investment giants like SkyBridge Capital and ARK Invest. ARK Invest explicitly utilized SOLQ to gain Solana exposure for its US-listed ARKW and ARKF ETFs, circumventing the absence of direct US Solana ETFs. Furthermore, SOLQ offers a competitive edge with waived management fees until April 2026. Similarly, XRPQ, launched in June with a six-month 0% management fee, quickly attracted over C$150 million, with Ripple itself participating as an early investor.
Canada's Edge in Crypto Innovation
This impressive growth highlights Canada's pioneering role in the global crypto ETF landscape, particularly for assets beyond Bitcoin and Ethereum. While the United States only recently gained its first Solana ETF with staking mechanisms through the REX-Osprey SSK product, several US spot XRP ETF applications are still pending regulatory approval in 2025. Pascal St-Jean, President and CEO of the issuing firm, emphasized that the substantial momentum behind SOLQ and XRPQ reflects a clear demand from both Canadian and international investors for secure, transparent, and regulated access to digital assets. He asserted that these ETFs are setting a new benchmark for innovation within the global market. The Canadian market continues to lead in offering diversified crypto investment products, with a Dogecoin ETF by REX-Osprey also slated for launch this week, further expanding the accessible altcoin offerings.
