Canary Capital filed for a spot Solana ETF with the Securities and Alternate Fee (SEC) on Oct. 30, searching for to determine a US-based spot Solana (SOL) exchange-traded fund.
The fund, titled the Canary Solana ETF, is designed to “present publicity to the value of Solana (‘SOL’) held by the Belief,” in response to the S-1 registration assertion. Canary Capital didn’t specify a custodian or administrator within the submitting.
In response to the submitting:
“Solana’s DeFi ecosystem exhibits robust metrics, together with excessive transaction quantity, lively addresses, and new handle progress, alongside low transaction charges for customers.”
Based by Steven McClurg, who additionally established Valkyrie Funds, Canary Capital has been increasing its ETF purposes. The agency not too long ago submitted $0.00 ) ETF" data-wpil-monitor-id="822">filings for spot ETFs based mostly on Litecoin (
$90.85 ) and XRP (
$0.00 ) .
Canary’s efforts align with elevated investor demand for regulated, digital asset-backed funds and observe VanEck’s June submitting for a spot Solana ETF.
On the time, VanEck’s digital asset analysis head, Matthew Sigel, commented that $82,981.00 ) amid US elections" data-wpil-monitor-id="817">Solana functionally resembles Bitcoin (
$82,981.00 ) and Ethereum (
$1,899.65 ) , suggesting it might be seen as a commodity. This attitude contrasts with the SEC’s 2023 classification of Solana as a safety in its regulatory actions in opposition to Binance.
Earlier in 2024, the SEC accredited a wave of spot $82,981.00 ) ETFs bleed 1 million, second-largest single-day outflow since launch" data-wpil-monitor-id="297"> Bitcoin ( $82,981.00 ) ETFs, adopted by a number of Ethereum ( $1,899.65 ) ETFs, spurring hypothesis over the potential approval of further crypto-backed ETFs, together with these based mostly on Solana.
Canary Capital’s newest transfer highlights a broader pattern amongst funding corporations positioning for regulatory approval within the increasing marketplace for crypto ETFs as business individuals await additional SEC choices.
Talked about on this article Writer
Assad Jafri Editor & Reporter at CryptoSlate
AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his abilities worldwide for over a decade. Specializing in monetary journalism, he now focuses on crypto reporting.
Editor
Information Desk Editor at CryptoSlate
CryptoSlate is a complete and contextualized supply for crypto information, insights, and information. Specializing in Bitcoin ( $82,981.00 ) , macro, DeFi and AI.
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