Canadian Solana and XRP ETFs Set New Industry Benchmarks

Canada’s newest altcoin exchange-traded funds have rapidly ascended to category leadership, with the Solana-focused SOLQ surpassing C$300 million in assets under management (AUM) and the XRP-focused XRPQ exceeding C$150 million AUM. These funds now hold the largest AUM in their respective categories among Canadian peers, highlighting a significant increase in institutional and retail demand for regulated exposure to Solana and XRP within the Canadian market.

Rapid Growth of SOLQ and XRPQ ETFs

SOLQ, a Toronto Stock Exchange–listed Solana staking ETF launched in April, has benefited from notable early allocations. The fund received a lead investment from SkyBridge Capital and additional commitments from ARK Invest through its ARKW and ARKF ETFs. These investments mark the first instance of US-listed ETFs gaining exposure to Solana and its staking rewards via a Canadian vehicle. To further attract investors, management fees on SOLQ remain waived until April 2026.

XRPQ, introduced in June with a 0% management fee for its initial six months, has quickly amassed over C$150 million in AUM. The Toronto Stock Exchange’s records indicate the product’s market debut on June 18, 2025. Notably, Ripple participated as an early investor in this fund.

Market Analysis and Investor Sentiment

The rapid growth of SOLQ and XRPQ reflects a broader trend in the Canadian crypto ETF market. Several issuers have launched spot Solana products, some featuring staking capabilities and introductory fee waivers. The domestic XRP ETF lineup has also expanded, creating a competitive landscape where SOLQ and XRPQ now claim the top positions in terms of AUM.

This surge in AUM for these ETFs indicates:

1. Increasing Institutional Interest: The participation of established firms like ARK Invest signals growing institutional acceptance of crypto assets.
2. Retail Investor Demand: The rapid AUM growth suggests strong interest from retail investors seeking regulated crypto exposure.
3. Market Maturation: The success of these specialized ETFs points to a maturing market for crypto-based financial products in Canada.

Comparative Performance and Market Implications

When analyzing these ETFs’ performance against traditional crypto investment vehicles:

This comparison highlights the attractiveness of these ETFs for investors seeking simplified, regulated exposure to Solana and XRP.

Global Market Context

Canada’s position as a first mover in listed crypto exposures beyond Bitcoin and Ethereum contrasts with the situation in the United States. US investors only recently gained access to a Solana ETF with staking economics through the REX-Osprey SSK product. Several US spot XRP ETF filings are awaiting regulatory decisions later in 2025, explaining the cross-border interest in Canadian listings.

The success of these Canadian ETFs may serve as a blueprint for future crypto-based financial products globally, potentially influencing regulatory approaches and investor sentiment in other markets.

As the crypto ETF landscape continues to evolve, investors and market participants should closely monitor these developments for potential opportunities and market shifts in the digital asset space.