Canary Capital filed for a spot Solana ETF with the Securities and Trade Fee (SEC) on Oct. 30, searching 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 line with the S-1 registration assertion. Canary Capital didn’t specify a custodian or administrator within the submitting.
In accordance with the submitting:
“Solana’s DeFi ecosystem exhibits robust metrics, together with excessive transaction quantity, energetic addresses, and new tackle progress, alongside low transaction charges for customers.”
Based by Steven McClurg, who additionally established Valkyrie Funds, Canary Capital has been increasing its ETF purposes. The agency just lately submitted filings for spot ETFs primarily based on Litecoin and XRP.
Canary’s efforts align with elevated investor demand for regulated, digital asset-backed funds and observe 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 seen as a commodity. This attitude 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 permitted a wave of spot Bitcoin ETFs, adopted by a number of Ethereum ETFs, spurring hypothesis over the potential approval of further crypto-backed ETFs, together with these primarily based on Solana.
Canary Capital’s newest transfer highlights a broader pattern amongst funding corporations positioning for regulatory approval within the increasing marketplace for crypto ETFs as trade contributors await additional SEC choices.
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Assad Jafri
AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his abilities worldwide for over a decade. Specializing in monetary journalism, he now focuses on crypto reporting.