Canary

Solana

Crypto asset manager, Canary Capital, has filed for a spot Solana exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). According to the S-1 registration statement, the Canary Solana ETF is intended to “provide exposure to the price of Solana (SOL) held by the Trust”.
As per the <a href="https://www.sec.gov/Archives/edgar/data/2041869/000199937124014193/solana-s1_103024.htm" rel="noopener noreferrer nofollow" target="_blank">filing</a>, Solana’s DeFi ecosystem shows strong metrics, including high transaction volume, active addresses, and new address growth, alongside low transaction fees for users.
<h3 class="wp-block-heading" id="span-style-font-weight-400-solana-gains-momentum-as-the-next-spot-etf-candidate-span">Solana gains momentum as the next spot ETF candidate</h3>
Solana has emerged as the next candidate for SEC approval of a spot ETF, potentially following Bitcoin and Ether, which secured approvals in January and July.
While Canary’s filing with the SEC did not specify a custodian or listing ticker, the move represents a growing interest in U.S.-based Solana ETFs. Other asset managers, including VanEck and Franklin Templeton, have similarly set their sights on a spot SOL ETF.
Following the announcement, Solana’s price briefly rose, although it remains down 2.3% at $174.6, according to <a href="https://www.coingecko.com/en/coins/solana" rel="noopener noreferrer nofollow" target="_blank">CoinGecko</a>.
In an October 29 statement, Canary highlighted Solana’s growth, noting it now leads both Ethereum and Binance Chain in active address market share, including activity on layer 2 chains.
<h3 class="wp-block-heading" id="span-style-font-weight-400-canary-capital-strives-to-lead-diverse-digital-asset-offerings-for-traditional-investors-span">Canary Capital strives to lead diverse digital asset offerings for traditional investors</h3>
On October 1, the company launched its first trust product, the <a 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="_blank">Canary HBAR Trust,</a> followed by the S-1 submissions for a spot XRP ETF on October 8 and a Litecoin ETF on October 15. 
Should these applications gain regulatory approval, the firm’s decision to pursue these ETFs could offer traditional investors more varied exposure within the digital asset space. While the SEC has not approved any of Canary’s current applications, its judgment on these files might create significant precedents.
If the Solana, XRP, or Litecoin ETF receives a favorable review, it may prompt more asset managers to explore ETFs tied to a broader selection of digital currencies.
Despite these improvements, the prospects for cryptocurrencies such as XRP, Solana, and Litecoin remain uncertain due to persistent disagreements over their status as securities or commodities—an essential aspect of the SEC’s clearance process.

Canary Capital joins Solana ETF race, filing spot SOL fund with SEC

Table of Contents

Cryptopolitan_News

Other articles published on Oct 31, 2024

Franklin Templeton brings $410M Treasury fund to Coinbase’s layer-2 Base

Dogecoin’s breakout from 3-year channel signals 500% rally potential in 2025

Franklin Templeton launches tokenized money fund on Base

Missing Bitcoin and lost execs: Halloween’s creepiest crypto mysteries

Crypto Insiders Reveal Top 3 Altcoins Expected to Surpass 10,000% by 2025

Nigerian Government Drops Charges Against Binance Executive Tigran Gambaryan

Join our free newsletter for daily crypto updates!