Nikolas Sargeant
The race for altcoin exchange-traded funds is rapidly intensifying on both sides of the border, with major developments in both Solana and XRP investment products highlighting growing institutional appetite for alternative cryptocurrency exposure. CoinShares has become the eighth asset manager to file for a spot Solana ETF with the U.S. Securities and Exchange Commission, while Canada prepares to launch the world's first spot XRP ETF this week.
CoinShares submitted its S-1 registration statement with the SEC, joining an increasingly crowded field of applicants seeking to offer regulated Solana investment products. The European asset manager now competes alongside industry heavyweights including VanEck, Fidelity Investments, Grayscale Investments, 21Shares, Bitwise, Franklin Templeton, and Canary Capital. All applicants aim to track the price of SOL, currently the sixth-largest cryptocurrency by market capitalization, as institutional demand for alternatives to Bitcoin and Ethereum ETFs continues to grow.
The Solana ETF filings represent a significant expansion beyond the successful launches of Bitcoin and Ethereum spot ETFs earlier this year. The SEC has accelerated the Solana ETF approval process, looking to complete approvals this summer.. The growing number of applications indicates increased confidence among asset managers regarding regulatory clarity for alternative digital asset products, particularly as Solana gains recognition as a faster and cheaper alternative to Ethereum.
Canada Leads with XRP ETF Launch
Meanwhile, Purpose Investments is set to make history with the launch of the Purpose XRP ETF on the Toronto Stock Exchange on June 18. Trading under the ticker XRPP, the fund will offer Canadian investors direct exposure to spot XRP through CAD-hedged, CAD non-hedged, and U.S. dollar unit options. Purpose Investments, which previously launched the world's first spot Bitcoin ETF, received regulatory approval from the Ontario Securities Commission after initially filing its prospectus in January 2025.
The XRP ETF launch represents a significant milestone for Ripple's native token and demonstrates Canada's continued leadership in cryptocurrency investment products. The fund aims to provide long-term capital appreciation through direct holdings of XRP, currently the third-largest cryptocurrency by market capitalization. Purpose Investments CEO Som Seif has emphasized the company's mission to make digital assets more accessible through familiar investment vehicles like ETFs.
These parallel developments underscore the rapidly evolving landscape of cryptocurrency investment products, with asset managers increasingly confident in regulatory frameworks and investor demand for diversified crypto exposure. As the U.S. works through its Solana ETF approval process and Canada leads with innovative altcoin products, the altcoin ETF race is clearly heating up, potentially setting the stage for a new wave of regulated cryptocurrency investment options across North America.
