In a stunning development for the cryptocurrency investment landscape, Canadian exchange-traded funds (ETFs) centered on Solana and XRP have surged to the top of their respective categories. The Solana-focused ETF, SOLQ, has crossed over C$300 million in assets under management (AUM), while its counterpart, the XRP-focused XRPQ, has reached an impressive C$150 million, according to a recent announcement. This remarkable growth underscores a growing appetite among both institutional and retail investors for regulated exposure to these popular altcoins.
Investor Demand Surges for 3iQ’s SOL and XRP ETFs
Launched in April and listed on the Toronto Stock Exchange, SOLQ has quickly become a significant player in the market. Its rapid ascent can be attributed in part to substantial early investments, with SkyBridge Capital leading the charge. ARK Invest also made headlines by purchasing SOLQ through its ARKW and ARKF ETFs, marking the first instance of U.S.-listed ETFs gaining exposure to Solana via a Canadian vehicle. In a strategic move to attract more investors, the management fees for SOLQ have been waived until April 2026.
Meanwhile, XRPQ has followed a similar trajectory since its debut in June. With a 0% management fee for its first six months, it has rapidly scaled to more than C$150 million AUM. Ripple’s participation as an early investor further bolstered its credibility and appeal. The ETF’s launch was documented in the Toronto Stock Exchange’s new-issuer log on June 18, 2025, signaling its strong market entry.
“The momentum behind SOLQ and XRPQ demonstrates that Canadian investors and global leaders in the digital asset space are embracing secure, transparent, and regulated access to digital assets,” stated Pascal St-Jean, the issuer’s president and CEO. “As the market leaders, these ETFs exemplify our commitment to meeting investor demand while setting a benchmark for innovation in the global market.”
A Competitive Field
The success of SOLQ and XRPQ is part of a broader wave of Canadian altcoin ETF launches this year. Several issuers have introduced spot Solana products, some featuring staking options and introductory fee waivers. Similarly, the domestic XRP lineup has seen expansion, creating a competitive field where SOLQ and XRPQ now reign supreme in terms of AUM.
Institutional interest has been a key factor driving the success of these ETFs. ARK Invest’s purchase of SOLQ, for example, framed the product as a strategic vehicle for capturing both Solana’s price performance and its on-chain staking economics in a regulated format. “Solana represents a high-performance blockchain infrastructure with significant potential for decentralized applications and finance,” ARK’s Cathie Wood noted earlier this year.
Canada’s Crypto Leadership
Canada continues to be a trailblazer in offering listed crypto exposures beyond just bitcoin and ether. In contrast, the United States has only recently introduced a Solana ETF with staking economics via the REX-Osprey SSK product. Moreover, several U.S. spot XRP ETF filings are still awaiting regulatory approval, a delay that has driven cross-border interest in Canadian listings.
The Canadian market’s proactive approach has positioned it as a leader in the digital asset arena, offering a diverse array of investment opportunities for both domestic and international investors. With the impending launch of a SSK-style Dogecoin ETF by REX-Osprey this Thursday, the momentum shows no signs of slowing down.
Balancing Optimism with Caution
While the rapid growth of SOLQ and XRPQ signals a strong vote of confidence from investors, there’s always an element of caution in the volatile world of cryptocurrencies. Market observers are keenly watching how these ETFs perform amidst fluctuating market conditions and regulatory developments. The current trading price of XRP at $2.955 suggests optimism, but analysts urge prudence as market dynamics can shift rapidly.
In conclusion, the Canadian Solana and XRP ETFs have not only set new records but have also highlighted the country’s leadership in the evolving crypto investment landscape. As the market continues to mature, these funds may serve as a blueprint for future offerings, paving the way for more innovative and accessible investment opportunities.
Steve Gregory is a lawyer in the United States who specializes in licensing for cryptocurrency companies and products. Steve began his career as an attorney in 2015 but made the switch to working in cryptocurrency full time shortly after joining the original team at Gemini Trust Company, an early cryptocurrency exchange based in New York City. Steve then joined CEX.io and was able to launch their regulated US-based cryptocurrency. Steve then went on to become the CEO at currency.com when he ran for four years and was able to lead currency.com to being fully acquired in 2025.
