CanaryCapitalfiledforaspotSolanaETFwiththeSecuritiesandExchangeCommission(SEC)onOct.30,seekingtoestablishaUS-basedspotSolana(SOL)exchange-tradedfund.
Thefund,titledtheCanarySolanaETF,isdesignedto“provideexposuretothepriceofSolana(‘SOL’)heldbytheTrust,”accordingtotheS-1registrationstatement.CanaryCapitaldidnotspecifyacustodianoradministratorinthefiling.
Accordingtothefiling:
“Solana’sDeFiecosystemshowsstrongmetrics,includinghightransactionvolume,activeaddresses,andnewaddressgrowth,alongsidelowtransactionfeesforusers.”
FoundedbyStevenMcClurg,whoalsoestablishedValkyrieFunds,CanaryCapitalhasbeenexpandingitsETFapplications.ThefirmrecentlysubmittedfilingsforspotETFsbasedonLitecoinandXRP.
Canary’seffortsalignwithincreasedinvestordemandforregulated,digitalasset-backedfundsandfollowVanEck’sJunefilingforaspotSolanaETF.
Atthetime,VanEck’sdigitalassetresearchhead,MatthewSigel,commentedthatSolanafunctionallyresemblesBitcoinandEthereum,suggestingitcouldbeviewedasacommodity.ThisperspectivecontrastswiththeSEC’s2023classificationofSolanaasasecurityinitsregulatoryactionsagainstBinance.
Earlierin2024,theSECapprovedawaveofspotBitcoinETFs,followedbyseveralEthereumETFs,spurringspeculationoverthepotentialapprovalofadditionalcrypto-backedETFs,includingthosebasedonSolana.
CanaryCapital’slatestmovehighlightsabroadertrendamonginvestmentfirmspositioningforregulatoryapprovalintheexpandingmarketforcryptoETFsasindustryparticipantsawaitfurtherSECdecisions.
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