Canary Capital filed for the Spot Solana ETF with the Securities and Trade Fee (SEC) on October 30 with the goal of building a US Spot Solana (SOL) exchange-traded fund.
The fund, referred to as the 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 identify a custodian or administrator within the submitting.
In line with submission:
“Solana's DeFi ecosystem is exhibiting sturdy metrics, together with excessive transaction quantity, lively addresses and new deal with development, together with low transaction charges for customers.”
Canary Capital, based by Steven McClurg, who additionally based Valkyrie Funds, is increasing its ETF purposes. The agency just lately filed for spot ETFs based mostly on Litecoin and XRP.
Canary's effort is in keeping with elevated investor demand for regulated digital asset-backed funds and follows VanEck's software for the spot Solana ETF in June.
On the time, VanEck's head of digital asset analysis, Matthew Sigel, famous that Solana functionally resembled Bitcoin and Ethereum, suggesting it may very well be thought-about a commodity. This angle contrasts with the SEC's 2023 classification of Solana as securities in its regulatory motion towards Binance.
Earlier in 2024, the SEC accepted a wave of spot Bitcoin ETFs, adopted by a number of Ethereum ETFs, fueling hypothesis in regards to the potential approval of different crypto-backed ETFs, together with these based mostly on Solana.
Canary Capital's newest transfer underscores a broader development amongst funding corporations gearing up for regulatory approval within the increasing crypto ETF market as business contributors await the SEC's subsequent resolution.
