Cathie Wood’s ARK Invest has taken its first direct position in Solana, buying into the blockchain through a Canadian-listed ETF. It’s a notable shift for the firm, which until now had focused mainly on Bitcoin and Ethereum.
According to public filings and data shared by Solana Floor, ARK has added shares of the 3iQ Solana Staking ETF (SOLQ) to two of its funds—ARKW and ARKF. Each fund picked up 237,500 shares, giving ARK exposure to SOL through a regulated product that also offers staking rewards.
The SOLQ ETF launched in Canada on April 16, alongside similar crypto offerings from Purpose, Evolve, and CI. All were approved by Canadian regulators earlier this month, at a time when the U.S. is still holding back on spot Solana ETFs.
For ARK, this is the first time Solana has been added to any of its U.S.-based funds. It’s also one of the most visible signs that big money is beginning to take Solana seriously, not just as a trade, but as a long-term bet.
What’s drawing institutions to Solana is pretty straightforward—it’s fast, cheap to use, and developers are building on it in big numbers. In fact, developer activity has jumped by 40% over the past year. Combine that with the added bonus of staking rewards, and the SOLQ ETF becomes an easy way for traditional investors to get in, without the hassle of managing wallets or private keys.
In a CNBC interview last year, Cathie Wood called Solana a “faster, more cost-efficient Ethereum.” With this investment, her firm is putting weight behind those words.
The timing is also interesting. ARK recently shelved plans for an Ethereum ETF, despite previously backing ETH as a key piece of the crypto future. The pivot to Solana could be seen as a vote of confidence in newer chains that are built with scale in mind.
SOL’s price hasn’t moved much since the news broke—just a modest uptick. But over the past two weeks, the token has climbed nearly 30%, supported by a broader bounce in crypto markets and optimism around network upgrades.
While the U.S. still hasn’t approved a spot Solana ETF, ARK’s move could add pressure on regulators. For now, Canadian products like SOLQ may be the best option for institutional players trying to get ahead.
Also Read: 72 Crypto ETFs Awaiting SEC Approval to Begin Trading
