Tracking Inflows into Canada’s $SOL ETFs: A Detailed Review

In April 2025, Canada solidified its progressive approach to cryptocurrency investments by launching North America's first-ever spot Solana ETFs on the Toronto Stock Exchange. This landmark event was spearheaded by four prominent financial institutions—3iQ, Evolve, Purpose, and CI Galaxy—each introducing their unique ETF products aimed at offering direct and simplified exposure to Solana.

The ETFs introduced were:

• 3iQ Solana Staking ETF (SOLQ / SOLQ.U)

• Evolve Solana ETF (SOLA / SOLA.U)

• Purpose Solana ETF (SOLL / SOLL.U)

• CI Galaxy Solana ETF (SOLX / SOLX.U)

These ETFs stand out by enabling investors to gain direct exposure to Solana's cryptocurrency ($SOL), combined with staking opportunities. Staking adds another attractive dimension, allowing investors to earn passive income on top of capital appreciation from $SOL's price fluctuations, without dealing with the complexities traditionally associated with crypto wallets and decentralized exchanges.

Current Market Snapshot

Just two months post-launch, the combined assets under management (AUM) for these pioneering ETFs have grown impressively, exceeding CAD 191 million. The standout among them is clearly the 3iQ Solana Staking ETF (SOLQ), which captured an overwhelming 87.6% of total assets, translating to CAD 167.5 million.

CI Galaxy's SOLX ETF trails significantly behind SOLQ, though still holding a solid second-place position with an AUM of CAD 12.83 million, or approximately 6.7% of total assets. Evolve and Purpose ETFs round out the landscape, managing market shares of 3.3% and 2.4%, respectively.

Flows and Trends

Examining capital inflows over the past month provides a nuanced perspective. May 15 emerged as a standout day, recording the highest single-day net inflow into these ETFs, surpassing CAD 11.9 million. SOLQ notably dominated this influx, capturing more than 93% of the funds.

However, the overall flow seems to have cooled considerably in the past two weeks. Daily net inflows dropped significantly, often slipping below CAD 1 million. Even more, on June 2, investors withdrew capital, leading to a negative net inflow of CAD -3.45 million.

Asset Growth Breakdown

A detailed look at monthly asset growth highlights individual ETF performances distinctly. SOLQ remains the standout performer, recording robust asset growth of over CAD 14.3 million. CI Galaxy’s SOLX follows with a solid performance, increasing by approximately CAD 5.9 million, indicative of continued investor confidence despite its smaller market presence.

Purpose’s SOLL ETF also achieved modest yet consistent growth, expanding its assets by over CAD 1 million. However, Evolve’s SOLA ETF saw a reduction, with its assets declining by CAD 220K, suggesting diminished investor appetite or market positioning challenges.

Price Performance and Market Sentiment

All four ETFs have shown relatively synchronized price movements over the last 30 days, collectively experiencing an average decline of 6.1%. Evolve’s SOLA ETF faced the steepest decrease at 7.3%, highlighting its struggle to maintain investor confidence. In contrast, Purpose’s SOLL ETF fared comparatively better, experiencing the smallest price decline at 3.9%.

Trading Activity

Daily trading volume provides additional insights into market dynamics and investor behavior. Over the analyzed period, daily transactions fluctuated between CAD 31.3K and CAD 341.4K. SOLQ consistently attracted the highest trading activity, demonstrating its liquidity and investor preference. Overall, SOLQ accounted for an impressive 62.2% of total trading volume, reinforcing its market leadership.

Trailing behind SOLQ, CI Galaxy’s SOLX maintained a respectable market presence, capturing around 20.1% of total trade volume. Purpose’s SOLL ETF followed closely, managing 13.6%, while Evolve’s SOLA ETF lagged significantly, holding a minimal 4.2% share of trading activity.

Future Outlook

Canada's pioneering launch of Solana ETFs not only reflects the country’s progressive stance on crypto innovation but also offers a valuable lens into investor behavior—particularly around staking. The overwhelming dominance of 3iQ’s SOLQ, which includes staking and has amassed over CAD 167.5 million in AUM (87.6% of total assets), strongly signals investor preference for yield-generating ETF structures.

This has important implications for potential Solana ETF approvals in the U.S. If regulators allow staking in future SOL ETFs, it could significantly boost investor interest, as evidenced by Canada's example. Notably, ARK Invest CEO Cathie Wood recently commented at the Accelerate conference that the initial inflows into spot Ethereum ETFs were underwhelming, in part because they did not include staking rewards. Applied to Solana, this suggests that a U.S.-based SOL ETF with staking could see more substantial adoption, while one without it might face lukewarm demand.

Stay tuned for further insights into how these platforms evolve and shape the future of DeFi trading on Solana.
This piece is part of our Solana Data Insights series. Make sure to subscribe to Solana Data Insights for weekly onchain analysis.

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