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(Reuters) – Canada’s main stock index opened lower on Monday, dragged by losses in energy shares, while U.S. President Donald Trump’s renewed criticism of Federal Reserve Chair Jerome Powell raised concerns about the central bank’s independence and exacerbated risk-off sentiment.
At 9:32 a.m. ET (1332 GMT), the Toronto Stock Exchange’s S&P/TSX composite index was down 0.3% at 24,133.46 points.
(Reporting by Ragini Mathur in Bengaluru; Editing by Leroy Leo)
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Image Source: Pixabay
The 2025 Canadian Dividend Aristocrats are Canadian stocks that have grown dividends for 5+ years. There are currently 90 stocks on the list. However, five years or more of dividend growth does not by itself qualify a stock as a Canadian Dividend Aristocrat. A company must meet three criteria to be included on the list:
In addition, the Canadian Dividend Aristocrats follow these rules.
Notably, these criteria are very different from those used to determine the list of Dividend Aristocrats in the United States. These stocks can be found in the S&P 500 Dividend Aristocrats Index. There are currently 69 constituents of the U.S. index.
On the other hand, there are currently 90 constituents in the Canadian Index. These stocks can be found in the S&P/TSX Canadian Dividend Aristocrats Index. Note that some of the Canadian Dividend Aristocrats also trade on other exchanges.
The Canadian Dividend Aristocrats 2025 currently have a yield of about 5.18%, and the average forward price-to-earnings (P/E) ratio is approximately 12.59X.
The mean market capitalization is roughly CAD 29,695 million, and the median is approximately CAD 10,041 million. The market cap ranges between about CAD 510 million to CAD 229,267 million. The total market capitalization is CAD 2,672,543 million.
In 2024, the Canadian Dividend Aristocrats provided a total return of 20.92% after a positive return of 10% in 2023 and a negative return in 2022. The price return was 15.52%. This performance was worse than the S&P/TSX Composite Index in 2024 at 21.65%.
As a group, the Canadian Dividend Aristocrats have exhibited slightly lower total annualized returns with more volatility than the benchmark index, the S&P/TSX Composite Index.
Over the past decade, the Canadian Dividend Aristocrats have had an annualized total return of 7.98% and a standard deviation of 13.85%, while the benchmark, the S&P/TSX Composite Index, had an annualized total return of 8.54% and a standard deviation of 12.86%.
Over the trailing five years, the Canadian Dividend Aristocrats have had an annualized total return of 17.1% and a standard deviation of 12.57%. The benchmark has had annualized total returns of 16.76% and a standard deviation of 13.33%.
(Click on image to enlarge)
Source: S&P Dow Jones Indices
The table below shows the calendar year performance from 2015 to 2024.
(Click on image to enlarge)
Source: S&P Dow Jones Indices
On January 29, 2025, the shareholders of National Bank of Canada (TSX: NA) and Canadian Western Bank (TSX: CWB) have agreed to combine into one bank.
Source: S&P Dow Jones Indices
On January 24, 2025, the S&P Dow Jones Indices announced the list would be changed effective February 1, 2025. Four stocks were added, and five stocks were deleted from the list of Canadian Dividend Aristocrats. There were 90 companies on the list after the changes were completed.
Source: S&P Dow Jones Indices
The Canadian Dividend Aristocrats 2025 is relatively select since it comprises only 90 companies. This number is from the 1,800 companies listed on the Toronto Stock Exchange.
The chart below shows the sector breakdown for the Canadian Dividend Aristocrats 2025 is seen in the chart below.
Stocks from the Financials sector have the most significant representation on the list of Dividend Aristocrats at about 22.8%. Stocks in the Financial sector tend to have more volatile earnings and cash flows that depend on the stock market valuation and interest rates.
The second sector is Energy at about 15.2%. The Energy sector tends to have fluctuating revenue, earnings, and cash flow but can generate decent returns over time. So, its presence in the top three is unsurprising because the share price increases as revenue and profits climb. In addition, some companies in the sector keep the payout ratio relatively low to allow for future dividend increases
Real Estate is the sector with the third highest representation, at approximately 12.7%. The Real Estate sector tends to have cyclical revenue, earnings, and cash flow but can generate decent returns over time.
These three sectors comprise the majority of the Canadian Dividend Aristocrats at 50.7%.
(Click on image to enlarge)
Source: S&P Dow Jones Indices
The sector ranking for the Canadian Dividend Aristocrats 2025 is unlike the US Dividend Aristocrats, which have Consumer Staples, Industrials, and Financial as the top three sectors.
It is also unlike the UK High Yield Dividend Aristocrats, which has Financials, Industrials, and Consumer Discretionary as the top three sectors.
The largest Canadian Dividend Aristocrat by market capitalization is the Royal Bank of Canada (TSE: RY), with a market capitalization of about CAD 222.93 billion. Conversely, the stock with the smallest market capitalization is Cogeco (TSE: CGO), with roughly CAD 570 million market capitalization. Combined, the 90 Canadian Dividend Aristocrats have a total market capitalization of over CAD 2.672 trillion.
Canadian Utilities (TSE: CU) is the Canadian Dividend Aristocrat with the longest dividend increase streak at 52 years. Fortis Inc (TSE: FTS) has the second-longest streak of consecutive dividend increases at 50 years.
The top 10 members comprise about 24.7% of the Index and list. The greatest weighting is at 3.64%.
More By This Author:
Kohl’s Dividend Cut: A Symptom Of Broader Retail Industry Challenges
Bloomin’ Brands: Dividend Cut Because Of Competition And Economic Headwinds
UK High Yield Dividend Aristocrats 2025: An Overview
Disclaimer: Dividend Power is not a licensed or registered investment adviser or broker/dealer. We are not providing you with individual investment advice on this site. Please consult with …
Disclaimer: Dividend Power is not a licensed or registered investment adviser or broker/dealer. We are not providing you with individual investment advice on this site. Please consult with a licensed investment professional before you invest your money. This site is for entertainment, informational, and educational use only. Any opinion expressed on the site here and elsewhere on the internet is not a form of investment advice provided to you. We use information, data, and sources in the articles we believe to be correct at the time of writing them, but there is no guarantee of their accuracy, completeness, timeliness, or correctness. We are not liable for any losses suffered by any party because of information published on this site or elsewhere on the internet. Past performance is not a guarantee of future performance. Unless your investments are FDIC insured, they may decline in value. By reading this site or subscribing to it, you agree that you are solely responsible for making investment decisions in connection with your funds.
The fastest commercial-grade smart contract blockchain in a speed test by CoinGecko last May, Solana’s SOL is the #5 largest non-stablecoin cryptocurrency by total market capitalization.
Your favorite VC-funded tokens are down bad.
Meanwhile, Solana degen season is printing life-changing bags.
Stop crying for macro and get on your grind! pic.twitter.com/CCU6py3tX7
— Xia (@xiaweb3) April 17, 2025
SOL’s price whipped up on a 38% rally over 10 days from Apr. 7 to Apr. 10. Meanwhile, Bitcoin’s price decoupled from a bad week in stocks and added 11%. By comparison, Ethereum prices jumped by just 6%.
The following five items are pertinent to Solana’s fast capital gains in mid-April.
$SOL || Towards $250 ✅
Remember we bought Solana at ~$100#Solana pic.twitter.com/qgelpcM1JR
— Christiaan (@ChristiaanDefi) April 17, 2025
In mid-April, the chart shows classic converging trend lines, with the big upswing beginning the second week of the month really pulling the Solana price outlook’s borderlines into that bullish formation.
The falling wedge pattern is a classic bullish signal. They often precede a bull run beginning near the time when the trend lines converge on the chart. Solana’s 2025 falling wedge shows up on the 1Y view starting in late January.
The trend lines of support tracing low price outliers came in higher as the weeks go on, while the trend lines of resistance tracing high price outliers came in lower. They converge right around the time of Solana’s mid-April price rally.
Furthermore, Solana prices also threw up a cup and handle signal on the 1M window, concurrent with the bullish flip out of the falling wedge trend. It also exhibits the classic declining daily trade volume during the handle formation.
The 10-day little teapot formation began on Wednesday, Apr. 2 and ended Saturday, Apr. 12, followed by the textbook downward drifting side channel for a 4-day handle until Wednesday, Apr. 16, followed by a bullish test to rally mid-week.
The April chart for SOL tokens also features a neat 4-day mini-cup and handle within the handle of the 10-day teapot. So the market technical indicators are beautifully bullish this month.
#Solana’s URPD shows a major shift in cost basis over the past two days, forming the largest supply cluster (>5%) at $129.79 with over 32M $SOL. This zone could act as a support during future drawdowns, reflecting high investor engagement at this price level. pic.twitter.com/mrunKSjKZL
— glassnode (@glassnode) April 15, 2025
In addition to the bullish chart patterns for Solana in April, there are other market technical signals with effects on Solana’s price in future markets.
Blockchain insights firm Glassnode noted on Apr. 15 that the median cost basis, or the price at the most recent trade that shows up for the most SOL tokens, was $129.79.
That median cost basis near the average trading price mid-April could work as an investor bias and market price ratchet locking in support for more growth at current price levels, the blockchain intelligence firm noted.
“This zone could act as a support during future drawdowns, reflecting high investor engagement at this price level,” Glassnode wrote.
1000-year-old financial systems don’t change overnight — except when they do.
The institutions are here, and they’re building on Solana. pic.twitter.com/7miCRXNpUF
— Solana (@solana) April 17, 2025
Meanwhile, as traders pull their stop-go traffic routine on the market price chart, Janover, the Boca Raton, Florida real estate commercial financing giant, is locking in new long-term support for Solana prices.
In April, Janover hired former Kraken C-execs to build a corporate stockpile of Solana, following the financial strategy set by Michael Saylor at MicroStrategy with corporate Bitcoin financing.
The Florida company bought an initial tranche of some $20 million worth of SOL tokens. Meanwhile, it’s partnering with Kraken, which is delegating about half a billion dollars worth of Solana tokens to Janover to proxy manage staking them and operating node validators for Solana yield.
In the past 7 days, the top 5 blockchains generated $29.15M in fees:
1️⃣ @trondao – $12.49M
2️⃣ @solana – $7.46M
3️⃣ @ethereum – $4.68M
4️⃣ @BNBCHAIN – $3.7M
5️⃣ @base – $821K pic.twitter.com/My9VIKSV3w— Nansen (@nansen_ai) April 18, 2025
While Ethereum waits for the financial establishment in Washington to approve ETF staking for regulated investors, Solana developers are implementing a strategy that worked for Bitcoin to deliver regulated SOL staking.
Both crypto markets and stock markets enthusiastically rewarded Strategy/Bitcoin in both currency exchange prices and the prices of regulated tickets for stock traders to capitalize on BTC.
MSTR stock started 2023 at $16 and traded this April for $316. Meanwhile, Janover stock surged an astounding 1,500% in under 30 days from $5 in March to $75 in April, according to Google Finance.
Did you know $MANEKI 1 year anniversary is April 22nd, just 6 days away?
Everyone thought the luckiest cat on #Solana was dead… but it just clawed its way from $10M to $30M market cap in under a week.
Is $MANEKI about to go full nine lives mode?#Solana #Crypto $MANEKI #btc pic.twitter.com/p0FXnlCOjr
— Eagle King (@Eagleblacking) April 17, 2025
Solana token trading is now live on OS2 for some closed beta users & will be rolling out to more in the coming weeks.
This is a big milestone in our multi-chain journey. Solana has some of the most passionate users and builders in web3.
Coins first, NFTs coming later. Most… pic.twitter.com/Bj1Tka98Le
— OpenSea (@opensea) April 14, 2025
Adding to Solana’s integrations in April, premier NFT exchange OpenSea piloted SOL token swaps.
“Solana token trading is now live on OS2 for some closed beta users & will be rolling out to more in the coming weeks,” OpenSea wrote.
Meanwhile, 5 of the Top 7 blue chip meme coin gainers on the 7D window, according to CoinMarketCap data mid-April, are minted by Solana: MANEKI, BROCC, AIDOGE, DOGEGOVCOM, and POPCAT. MANEKI, Japanese for lucky cat, posted a 255% weekly green candle.
what in the cabal is happening here?
these are all 15 min candles$maneki pic.twitter.com/B36goLZskB
— lyxe (@cryptolyxe) April 17, 2025
Canada is readying spot Solana ETFs to launch this week after regulator gave green light to multiple issuers incl Purpose, Evolve, CI and 3iQ. ETFs will include staking via TD pic.twitter.com/FSw149Xkm4
— Eric Balchunas (@EricBalchunas) April 14, 2025
Finally, for this brief summary, four Solana ETFs launched on the Toronto Stock Exchange in mid-April following a green light from the Ontario Securities Commission (OSC).
Meanwhile, Solana led most other altcoins in April by the number of live applications at the SEC for a custodial exchange-traded cryptocurrency fund in the US.
Ripple was the leader at 10, but Solana was second with 5, with DOGE and LTC next at 3 each, according to public records data compiled by Paris-based blockchain intel firm Kaiko.
Institutional demand for Ripple is very strong in 2025. Here are 5 Ripple meta narratives backing UK bank Standard Chartered’s recent forecast of 525% upside from XRP’s April price levels.
LIMITED OFFER for CryptoPotato readers at Bybit: Use this link to register and open a $500 FREE position on any coin!
Solana has made a strong comeback after recent market turbulence. The smart contract platform gained nearly 1.34% in the past 24 hours and is up an impressive 20% over the last seven days, as bulls regain control and push prices higher.
Just days ago, SOL dropped to a local low of $96 during broader market sell-offs driven by macroeconomic uncertainty. However, the dip was short-lived.
Solana has since staged a recovery, climbing back above key resistance levels and now trading around $134. The swift rebound underscores growing investor confidence and a return of bullish momentum.
Market sentiment appears to be shifting in favor of the bulls. According to data from a prominent analyst, about 71.87% of traders on Binance with open SOL positions are betting on continued upside.
This overwhelming long positioning signals strong expectations of a sustained rally. Crypto analysts note that Solana is showing technical strength after bouncing off weekly support.
71.87% of traders on Binance with open #Solana $SOL positions are betting on upward price movement! pic.twitter.com/aPnCb6JvjG
— Ali (@ali_charts) April 17, 2025
A major catalyst for Solana’s recent price action was the launch of the world’s first Solana spot ETF. The ETF, launched by Purpose Investments, began trading on the Toronto Stock Exchange under the ticker CSOL on Thursday.
Purpose Investments’ CEO Som Seif emphasized that the fund provides “secure, compliant access” to Solana without the need for investors to manage private keys or engage with decentralized wallets.
With Canada leading the charge on regulated digital asset products, the ETF is viewed as a key step in mainstreaming Solana exposure across North American financial markets.
The ETF’s launch comes at a time of dovish central bank signals across global economies, bolstering risk asset sentiment. As the European Central Bank prepares for rate cuts and President Trump puts pressure on the Federal Reserve to ease rates, liquidity conditions are turning increasingly favorable for crypto demand.
Solana is currently at a critical juncture as it trades around pivotal price levels that could determine its short-term direction. After weeks of selling pressure, bulls are attempting to regain control.
Top crypto analyst Crypto Seth shared an analysis suggesting that Solana has flipped bullish on the 8-hour chart. According to his view, if SOL can break above the $147 level, it could confirm a trend shift and trigger a potential recovery rally.
SOL must hold current levels and reclaim key resistance zones to spark a sustained recovery. Reclaiming the $132-$135 range is crucial, as it could confirm short-term momentum.
To establish a higher high and shift the current downtrend structure, SOL must push decisively above the $150 level. This area has served as a strong rejection point in previous attempts.
A clean breakout above this level could open the path toward higher targets and renewed investor confidence. Some analysts point to a falling wedge pattern on the daily chart, signaling a potential price target near $265.
On-chain activity has validated the bullish sentiment surrounding Solana. Staking deposits on the network surged by 2 million SOL—approximately $270 million—between April 13 and April 17.
This increased staking effectively removed a large amount of supply from circulation, which supports upward price pressure during periods of high market demand.
The recent repeal of restrictive DeFi regulations by President Trump has ignited demand for altcoins like Solana. With Ethereum facing challenges from high gas fees and divisive upgrades, Solana is increasingly viewed as a scalable, low-cost alternative.
This may explain why Solana price climbed 7% on Thursday, while Ethereum continued to struggle below the $1,600 zone.
SOL has now reclaimed the 50-day Simple Moving Average ($130.09), establishing it as short-term support. The Relative Strength Index (RSI) at 55.59 shows rising momentum but remains below overbought levels.
If bulls fail to defend the $125 support level, Solana may risk a drop back to lower demand zones around $100. Macroeconomic uncertainty and continued trade tensions between the U.S. and China remain factors that could weigh on SOL’s price.
For now, traders are watching key resistance levels closely. A breakout above $135 and then $147 could shift the tide decisively in Solana’s favor.
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Solana SOL/USD sustained its upward momentum Thursday overnight, as cryptocurrency exchange Coinbase Global Inc. COIN scaled up its infrastructure to support faster, smoother SOL transactions.
What happened: SOL rose over 3% over the previous day, becoming the most successful among the top 10 cryptocurrencies by market capitalization. The rally came despite a 20% drop in trading volumes in the last 24 hours.
The sixth-largest cryptocurrency hit an intraday high of $135.91, its highest in nearly three weeks. Its weekly gains widened to 18.13%, outpacing Bitcoin BTC/USD and Ethereum ETH/USD.
See Also: Solana Breaks Free From Bitcoin, Ethereum Lag After Cathie Wood’s Ark Invest Accumulates New SOL Staking ETF
The latest spike comes after Coinbase upgraded its system, enabling a 5x improvement in transaction throughput, among other enhancements for Solana.
“These improvements enable faster, more reliable sends and receives, reinforcing our commitment to provide industry-leading performance and reliability for our users,” the exchange said.
Additionally, Cathie Wood’s Ark Invest increased its exposure to 3iQ Solana Staking ETF (SOLQ.U ), scooping an additional 475,000 shares of the newly launched investment vehicle in Canada.
Listed on the Toronto Stock Exchange, the ETF shares closed 0.87% higher at $10.43 on Thursday.
Price Action: At the time of writing, SOL traded at $134.96, up 3.25% in the last 24 hours, according to data from Benzinga Pro.
Shares of Coinbase were down 0.02% in after-hours trading after closing 1.64% higher at $175.03 during Thursday’s regular session.
Coinbase is now placed among high-growth stocks in the Benzinga Edge Stock Rankings. Click here to analyze other cool metrics about the stock.
Photo: Lee Wa Da/Shutterstock
Read Next:
Market News and Data brought to you by Benzinga APIs
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
On Thursday, Cathie Wood-led Ark Invest made significant trades, most notably offloading ARK 21Shares Bitcoin ETF ARKB and pouring funds into the newly listed 3iQ Solana Staking ETF (SOLQ.U).
The ARK 21Shares Bitcoin ETF Trade
Ark Invest sold a significant number of shares in the ARK 21Shares Bitcoin ETF. The ARK Next Generation Internet ETF ARKW fund offloaded 39,575 shares, representing 0.25% of the ETF. Based on the last closing price of $84.71, the value of the trade stands at approximately $3.35 million.
This move comes amidst signs of a potential bear market in Bitcoin BTC/USD. According to data from Glassnode, Bitcoin investors are facing unprecedented pressure with the largest unrealized losses on record, concentrated among new market participants.
Even so, Bitcoin showed impressive strength this week, bouncing from $74K to $84K despite a broader U.S.-focused risk-off environment where even safe-haven assets like Treasuries and the dollar faltered. With stocks down and uncertainty high, Bitcoin’s 20% gain over six months highlights its growing appeal as an alternative asset. Over 24-hours, Bitcoin traded 0.9% higher at $84,951.
The 3iQ Solana Staking ETF Trade
Simultaneously, Ark Invest made a significant purchase of the 3iQ Solana Staking ETF (SOLQ.U). Ark Fintech Innovation ETF ARKF and ARK Next Generation Internet ETF ARKW funds collectively bought 475,000 shares. The transaction was valued at $4.95 million. SOLQ.U ended the day in Toronto at $10.43.
This move aligns with Ark’s recent interest in 3iQ Solana Staking ETF, as detailed in a Benzinga report. On Wednesday, Ark scooped up 500,000 shares of SOLQ.U worth $5.2 million.
The ETF started trading on the Toronto Stock Exchange on Wednesday, with major unitholders including SkyBridge Capital, founded and managed by Anthony Scaramucci. It focuses on long-term Solana SOL/USD holdings acquired through over-the-counter counterparties and aims to offer investors “attractive staking rewards,” according to a statement from 3iQ, which describes itself as the world’s first Digital Assets Managed Account Platform. Solana spiked 2.3% higher at $134.96 over 24 hours.
Other Key Trades:
Benzinga Edge Stock Rankings indicate ARKB has Momentum in the 92nd percentile. How do other Bitcoin ETFs compare? Find out here.
Photo Courtesy: Ira Lichi on Shutterstock.com
This story was generated using Benzinga Neuro and edited by Shivdeep Dhaliwal
Market News and Data brought to you by Benzinga APIs
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
The investment universe for non-crypto native investors has largely revolved around Bitcoin and Ethereum ETFs. But that’s changing fast with the introduction of a new Solana product on the Toronto Stock Exchange.
As a Canadian working in crypto space, this announcementcaught my attention. The collaboration between 3iQ Corp. and Figment to bring a Solana (SOL) staking ETF to the Toronto Stock Exchange marks an interesting step in giving mainstream investors (i.e my parents) straightforward, easy, and convenient access to one of the more closely followed proof-of-stake blockchains in the ecosystem.
I’m not sure my parents have ever heard of Solana, but at least now they can invest in it.
With that said, I caught up with Figment’s Head of Americas, Josh Deems, to dive deeper into what it means to be the ETF’s “primary staking provider,” how this collaboration with 3iQ came together, and what everyday investors stand to gain from a Solana staking ETF.
We also explored Figment’s unique technical strategy for maximizing rewards, their handling of Solana’s network quirks, and what’s next in the evolving world of proof-of-stake investment vehicles.
crypto.news: How did this partnership with 3iQ come about, and what does being the “primary staking provider” entail for Figment? What are the main responsibilities or commitments Figment has made under the partnership?
Josh Deems: The partnership between Figment and 3iQ evolved from a long-standing relationship between the two Toronto-based firms. While they had previously collaborated in various capacities, their recent work together focused on deploying staking infrastructure for Solana, including various 3iQ’s private fund vehicles. This collaboration ultimately led 3iQ to select Figment as the primary staking provider for its new Solana Staking Exchange Traded Product (ETP), SOLQ.
As the primary staking provider, Figment is responsible for operating most of the staking infrastructure supporting SOLQ. The bulk of assets staked through the ETP will be delegated to Figment-operated validators. In practice, this means Figment is running dedicated infrastructure specifically for 3iQ, allowing 3iQ to offer an ETP that uses a Solana validator solution that is both institutionally robust and deeply integrated with Figment’s technical expertise.
The partnership reflects a uniquely Canadian collaboration that combines Figment’s established Solana staking capabilities with 3iQ’s leadership in digital asset management, delivering an institutional-grade staking solution tailored for the public market vehicles.
CN: Can you explain what does the launch of a Solana Staking ETF mean for everyday investors interested in Solana? In other words, how does investing in an ETF compare to simply buying and staking SOL on their own. Basically, what are the practical benefits for retail investors, such as ease of use, custody security, or regulated oversight, and any trade-offs like fees or custody of the actual tokens?
JD: SOLQ offers everyday investors a streamlined, regulated way to access the benefits of staked SOL. Instead of navigating the complexities of crypto, they can invest directly through their brokerage account, just like any stock or ETF.
This structure offers several practical benefits:
Naturally, there are trade-offs. Investors pay management fees (though waived for the first 12 months of SOLQ) and they don’t have direct custody of the tokens. Still, for those prioritizing convenience, a familiar brokerage experience, and regulated exposure, the ETP provides a streamlined path to Solana staking.
This launch is also globally significant—it’s the first staked Solana ETP available in North America. While comparable products already exist in Europe, this Canadian milestone sets a key precedent and may help open the door for future approvals in the U.S.
CN: Does offering staking within an ETF signal a broader trend in crypto investing, and how does Figment view the future of staking ETFs? 3iQ already introduced an Ether Staking ETF in 2023 and now Solana. Does this indicate that regulators and fund issuers are warming up to staking rewards in traditional wrappers. Is this the start of staking becoming a standard feature in crypto ETFs for other proof-of-stake assets, and what might that mean for the adoption of crypto in mainstream finance?
JD: Yes. Staking within an ETF is a clear signal of where the market is heading, and Figment views this as the beginning of a much broader shift in crypto investing. As investors seek more diversified exposure to digital assets, there’s growing demand for products that not only track the price of tokens like Solana or Ethereum, but also reflect the full value of owning them which includes staking rewards.
We’ve already seen this evolution play out globally. In Switzerland, for example, staked ETP inflows have outperformed peers that don’t offer staking. With 3iQ’s staked Ether ETF in 2023 and now SOLQ in 2025, Canadian regulators have shown a willingness to support these structures that offer investors access to staking rewards within a familiar, regulated vehicle.
For retail and institutional investors alike, this is more than a convenience. Staking is a fundamental part of how Proof-of-Stake networks function–it’s how blockchains remain secure and operational. In return, participants earn rewards. Not including staking rewards in a Proof-of-Stake ETP is like offering an equity income ETP that doesn’t pay out dividends. Over time, that leaves missed returns on the table.
The regulatory landscape is shifting as well. While U.S. regulators have yet to approve staked ETFs, regions such as Canada, Switzerland, and Hong Kong are demonstrating increasing receptiveness. Figment believes that staking will eventually become a standard feature in crypto ETFs for Proof-of-Stake assets. As the market demonstrates demand, it’s only logical that both fund issuers and regulators will follow suit.
CN: How is Figment ensuring the security and transparency of the staking operations for this fund?
JD: Figment supports 3iQ by delivering daily, detailed reports that break down the different types of rewards earned through Solana staking. These reports allow 3iQ to accurately calculate and report the NAV including earned staking rewards. This level of transparency ensures fund administrators and investors have full visibility into how the fund is performing and how rewards are generated.
On the security front, Figment follows industry-leading standards. The firm is SOC 2 Type II certified, reflecting rigorous controls around data security and operational integrity. Figment also operates as a Genesis validator on the Solana network, and its team includes some of the world’s foremost experts in running Solana validator infrastructure.
Figment’s approach prioritizes “safety over liveness”—meaning we emphasize minimizing the risk of any harmful or slashable events, even if it means occasional short-term trade-offs in validator activity. Additionally, our team actively monitors Solana network developments and implements upgrades to enhance validator security and performance. This combination of real-time monitoring, technical depth, and institutional-grade practices ensures that 3iQ’s staking operations are both secure and transparent.
CN: Can you speak to Figment’s track record with Solana and how that experience will benefit ETF investors? How does this expertise translate into reliable performance for SOLQ? And how has Figment handled past Solana network challenges, i.e the occasional outages to safeguard stakers’ interests?
JD: Figment is a Genesis validator on the Solana network and operates two of the top five validators by assets under stake. We maintain rigorous monitoring and incident response procedures, including active coordination with the Solana Foundation during network-wide halts and established protocols for safe node restarts. Our “safety over liveness” approach prioritizes asset protection over maximizing uptime. That said, Solana has not experienced an outage in over a year, and network recovery times have improved significantly from days to just hours. ETF investors can have confidence in Figment’s deep experience and long-standing commitment to Solana, backed by a dedicated team of engineers supporting the network since its inception.
CN: How will Figment handle the evolving economics of Solana staking, from MEV gains to potential yield compression, to maximize returns for ETF holders? Will Figment be capturing and passing along these MEV earnings to benefit the fund’s investors? And how is Figment planning for the long term with Solana’s inflation schedule changing and concepts like “restaking” (re-using staked assets in other protocols) emerging, what’s the strategy to keep yields competitive without taking on undue risk?
JD: Figment is proactively adapting to the changing dynamics of Solana staking to maximize returns for ETF holders while maintaining our strict standards around compliance, security and operational integrity.
In March 2025, Figment delivered a 7.58% average staking rewards rate on Solana, outperforming the network average of 6.99% by more than 8%. A key contributor to this outperformance was our ability to capture and pass through MEV rewards. We do this through our integration with Jito, the leading MEV infrastructure provider on Solana. In fact, MEV rewards made up over 11% of the total rewards Figment earned in March which demonstrates just how impactful this component has become as Solana’s inflation rate continues to decline.
With Solana’s annual disinflation rate set at -15% until it reaches a terminal rate of 1.5%, traditional inflation-based staking rewards will continue to compress. As it happens, Figment sees MEV and emerging innovations like restaking essential to maintaining and even growing validator rewards. We’re already experimenting with new MEV strategies and restaking frameworks, and we rigorously test any new approach internally before deploying it on live validators like those serving the SOLQ ETF. This ensures innovation without compromising the safety of customer funds.
