CanaryCapitalrecentlysubmittedafilingforaSolanaETFwiththeU.S.SecuritiesandExchangeCommission(SEC),markingthefirm’ssecondventureintotheexpandinglandscapeofcryptoETFs.ThismovecomesamidaseriesofCanaryCapital’scryptoETFfilings.
CanaryCapital’sSolanaETFFiling
ThelatestSECfilingthatunderscoresthefirm’saimtodiversifyitsofferingsbeyondthealreadytargetedcryptocurrencieslikeBitcoinandEthereum.Today,thecompanyfiledforaSOLETF,whichcomesinsecondtoVanEck’sSOLETFas21Shareswithdrewtheapplicationrecently.
Earlier,onOctober15,thefirmfiledforaLitecoinETF.TheLTCETFfiling,submittedviaFormS-1,highlightsasignificantdeparturefromthetrendoffocusingpredominantlyonmajorassets,suchasBitcoinandEthereum,whichhavehistoricallydominatedETFapplications.
CanaryhasfiledforaSolanaETF..Ibelievethisis#2afterVanEckpic.twitter.com/gNw6Cedrgy
—EricBalchunas(@EricBalchunas)October30,2024
ThisfilingfollowedCanaryCapital’srecentapplicationforanXRPETFonOctober8.Notably,theXRPETFsubmissionwasamongthefirstofitskind,closelyfollowingBitwise’ssimilarmoveasitexploredaddingXRPtoitssuiteofcryptoproducts.TheXRPfilinggainedconsiderableattentionacrossthecryptocommunity,raisingdiscussionsaboutthegrowinginstitutionalinterestinaltcoinsbeyondthestandardchoices.
ApprovalOddsforAltcoinETFs
Theback-to-backfilingsbyCanaryCapitalreflectadeliberateefforttoexpandaccesstoarangeofdigitalassetsthroughregulatedfinancialproducts.It’sbecausetheSECremainscautiousonapprovingcrypto-basedETFs.
Thefirm’sdecisiontopursueETFsforbothLitecoinandSolanacouldoffertraditionalinvestorsmorevariedexposurewithinthedigitalassetspace,shouldtheseapplicationsgainregulatoryapproval.WhiletheSEChasyettograntapprovalforanyofCanary’spendingapplications,thedecisiononthesefilingscouldsetimportantprecedents.
IfeithertheSolana,XRPorLitecoinETFreceivesafavorablereview,itmaypromptmoreassetmanagerstoexploreETFstiedtoabroaderselectionofdigitalcurrencies.Astheindustryawaitsfurtherupdates,thesedevelopmentsreflectthegrowingmomentuminthecryptoETFspaceandabroadeninginterestbeyondtheusualleaders,suchasBitcoinandEthereum.
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