Canary Capital filed for a spot Solana ETF with the Securities and Trade Fee (SEC) on Oct. 30, looking for to determine a US-based spot Solana (SOL) exchange-traded fund.
The fund, titled the Canary Solana ETF, is designed to “present publicity to the worth of Solana (‘SOL’) held by the Belief,” in keeping with the S-1 registration assertion. Canary Capital didn’t specify a custodian or administrator within the submitting.
In line with the submitting:
“Solana’s DeFi ecosystem exhibits sturdy metrics, together with excessive transaction quantity, energetic addresses, and new deal with progress, alongside low transaction charges for customers.”
Based by Steven McClurg, who additionally established Valkyrie Funds, Canary Capital has been increasing its ETF functions. The agency just lately submitted filings for spot ETFs based mostly on Litecoin and XRP.
Canary’s efforts align with elevated investor demand for regulated, digital asset-backed funds and comply with VanEck’s June submitting for a spot Solana ETF.
On the time, VanEck’s digital asset analysis head, Matthew Sigel, commented that Solana functionally resembles Bitcoin and Ethereum, suggesting it could possibly be considered as a commodity. This angle contrasts with the SEC’s 2023 classification of Solana as a safety in its regulatory actions in opposition to Binance.
Earlier in 2024, the SEC authorised a wave of spot Bitcoin ETFs, adopted by a number of Ethereum ETFs, spurring hypothesis over the potential approval of extra crypto-backed ETFs, together with these based mostly on Solana.
Canary Capital’s newest transfer highlights a broader pattern amongst funding companies positioning for regulatory approval within the increasing marketplace for crypto ETFs as trade members await additional SEC selections.
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Assad Jafri
AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his expertise worldwide for over a decade. Specializing in monetary journalism, he now focuses on crypto reporting.
