Canary Capital filed a Solana spot ETF software with the Securities and Trade Fee (SEC) on Oct. 30, looking for to create a U.S.-based Solana spot exchange-traded fund (SOL).
The fund, titled Canary Solana ETF, is designed to “present publicity to the worth of Solana (“SOL”) held by the Belief,” in accordance with the S-1 registration assertion. Canary Capital didn’t specify a custodian or administrator within the submitting.
In response to the file:
“Solana’s DeFi ecosystem exhibits sturdy metrics, together with excessive transaction quantity, lively addresses and new tackle progress, in addition to low transaction charges for customers.”
Based by Steven McClurg, who additionally created Valkyrie Funds, Canary Capital has been increasing its ETF purposes. The corporate lately submitted filings for spot ETFs based mostly on Litecoin and XRP.
Canary's efforts align with rising investor demand for regulated funds backed by digital belongings and observe VanEck's June submitting for a Solana spot ETF.
On the time, Matthew Sigel, VanEck's head of digital belongings analysis, mentioned Solana was functionally just like Bitcoin and Ethereum, suggesting it could possibly be thought-about a commodity. This outlook contrasts with the SEC's 2023 classification of Solana as a safety in its regulatory actions towards Binance.
Earlier in 2024, the SEC permitted a wave of spot Bitcoin ETFs, adopted by a number of Ethereum ETFs, sparking hypothesis concerning the potential approval of further cryptocurrency-backed ETFs, together with these based mostly on Solana.
Canary Capital's newest transfer highlights a broader development amongst funding corporations positioning themselves for regulatory approval within the rising crypto ETF market as trade gamers await additional rulings from the SEC.
