Canary

SOL ETF

Solana

Crypto asset manager Canary Capital has filed for a spot Solana exchange-traded fund (ETF) with the United States securities regulator — following the lead of VanEck and 21Shares.
The spot Solana (<a data-ct-non-breakable="null" href="https://cointelegraph.com/solana-price-index" rel="noopener noreferrer nofollow" target="null" text="null" title="null">SOL</a>) ETF would track SOL’s price through the Chicago Mercantile Exchange CF Solana index — a real-time price benchmark product, Canary <a data-ct-non-breakable="null" href="https://www.sec.gov/Archives/edgar/data/2041869/000199937124014193/solana-s1_103024.htm" rel="noopener noreferrer nofollow" target="null" text="null" title="null">explained</a> in an S-1 registration statement filed on Oct. 30.
Canary’s proposed spot Solana ETF would allow investors to access the Solana market through a traditional brokerage account without potential barriers to entry or risks involved with holding SOL directly.&nbsp;
Solana has been <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/cnbc-guest-sees-solana-etfs-next-sparking-debate" rel="noopener noreferrer nofollow" target="null" text="null" title="null">considered the next cryptocurrency</a> to have a spot ETF approved by the SEC, following Bitcoin (<a data-ct-non-breakable="null" href="https://cointelegraph.com/bitcoin-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">BTC</a>) and Ether (<a data-ct-non-breakable="null" href="https://cointelegraph.com/ethereum-price" rel="noopener noreferrer nofollow" target="null" text="null" title="null">ETH</a>) in January and July.
<figure><img alt="Canary Capital files for spot Solana ETF with SEC" src="https://s3.cointelegraph.com/uploads/2024-10/0192df9c-6266-72e9-afce-011d3a92d07b" title="">
 <figcaption style="text-align: center;">
 Canary’s spot Solana ETF filing with the Securities and Exchange Commission. Source: SEC
 </figcaption>
</figure>
<a data-ct-non-breakable="null" href="https://cointelegraph.com/news/vaneck-solana-etf-filing-united-states" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Asset managers VanEck</a> and <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/21shares-spot-solana-etf-sec" rel="noopener noreferrer nofollow" target="null" text="null" title="null">21Shares</a> are the other two asset managers that have filed for a US spot SOL ETF on June 27 and 28, respectively.
A spot SOL ETF is also on <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/franklin-templeton-solana-etf" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Franklin Templeton’s radar.</a>
Canary did not disclose who the custodian of the spot SOL ETF would be, nor did it state what ticker the fund would be listed under.
The firm’s latest filing comes after Canary Capital submitted S-1s for a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/canary-capital-files-xrp-etf-bid-following-bitwise" rel="noopener noreferrer nofollow" target="null" text="null" title="null">spot XRP ETF</a> on Oct. 8 and then a <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/canary-capital-files-s-1-litecoin-etf" rel="noopener noreferrer nofollow" target="null" text="null" title="null">spot Litecoin ETF</a> a week later on Oct. 15.&nbsp;
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-etf-security-fbi-north-korea-hackers" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitcoin ETF security concerns mount after FBI warns of North Korean hackers</a>
Solana’s price saw a minor spike on the news but is still down 2.3% over the last day to $174.6, CoinGecko <a data-ct-non-breakable="null" href="https://www.coingecko.com/en/coins/solana" rel="noopener noreferrer nofollow" target="null" text="null" title="null">data</a> shows.
In an Oct. 29 post, Canary <a data-ct-non-breakable="null" href="https://www.canary.capital/thought-leadership/solana-gains-ground-in-active-address-market-share" rel="noopener noreferrer nofollow" target="null" text="null" title="null">noted</a> that Solana has strongly eclipsed both Ethereum and the Binance Chain in active address market share, even when accounting for layer 2 chains.
Canary was founded by former Steven McClurg, one of the founders of <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/coinshares-acquires-valkyrie-etf-business" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Valkyrie Funds</a> and former managing director of <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/crypto-vc-funding-drops-q3-projects-overlooked-galaxy-digital" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Mike Novogratz’s Galaxy Digital.</a>
“We founded Canary to lead the way for the next iteration of actively managed and passive crypto-related offerings with a focus on risk management and adaptive, strategic foresight,” the company <a data-ct-non-breakable="null" href="https://www.businesswire.com/news/home/20241001291415/en/Canary-Capital-Makes-Debut-Launches-U.S.%E2%80%99s-First-HBAR-Trust" rel="noopener noreferrer nofollow" target="null" text="null" title="null">said</a> on Oct. 1 after launching the Canary HBAR Trust — its first trust offering.
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/bitcoin-etf-coinbase-honeypot-hackers-government-trezor-ceo/" rel="noopener noreferrer nofollow" target="null" text="null" title="null">Bitcoin ETFs make Coinbase a ‘honeypot’ for hackers and governments: Trezor CEO</a>

Canary Capital files for spot Solana ETF with SEC

Cointelegraph

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