ARK Invest allocates $5M to Solana staking through Canadian ETF

ARK Invest has added exposure to staked Solana (CRYPTO:SOL) for the first time, investing $5.2 million in 3iQ’s Solana Staking ETF (SOLQ) for its ARK Next Generation Internet ETF (ARKW) and ARK Fintech Innovation ETF (ARKF) as of April 21.

This move makes ARKW and ARKF the first US-listed ETFs to offer direct exposure to Solana staking, using shares of a Canadian ETF that holds and stakes SOL tokens.

According to ARK, “ARKW and ARKF are the first US-listed ETFs to gain exposure to Solana,” marking a milestone for US investors seeking access to Solana’s spot price and staking rewards through regulated funds.

The investment comes after Canadian regulators approved several Solana ETFs, including SOLQ, which launched on the Toronto Stock Exchange on April 14.

The Ontario Securities Commission’s approval enabled these products to provide investors with direct access to Solana’s price performance and staking yields.

ARK’s two funds are designed to offer broad exposure to emerging technologies, holding a mix of technology stocks and spot cryptocurrencies, including Coinbase, Block, Robinhood, and the ARK 21Shares Bitcoin ETF.

The addition of SOLQ shares expands their digital asset offerings beyond Bitcoin and Ether, which are already represented in the portfolios through spot and staking ETFs.

Solana is recognised as the second-largest blockchain by total value locked, with over $7 billion compared to Ethereum’s $45 billion, according to DefiLlama data.

The move by ARK Invest is seen as part of a growing trend among asset managers to diversify crypto exposure and take advantage of new ETF structures enabled by regulatory developments in Canada.

“Solana’s architecture and design provide ideal conditions for the next phase of the internet,” ARK stated in a press release, highlighting the blockchain’s speed and scalability as key factors in its selection.

Industry experts suggest that the listing of Solana futures on the Chicago Mercantile Exchange signals that US spot Solana ETFs could be approved soon, further expanding access for American investors.

At the time of reporting, the Solana (SOL) price was $139.38.