Canary Capital Submits Application for Spot Solana ETF
A new player has entered the growing list of companies seeking approval for a spot Solana exchange-traded fund (ETF) in the US. Canary Capital has filed an S-1 application with the Securities and Exchange Commission (SEC) for the proposed Canary Solana ETF.
This comes after the company’s recent filings for XRP and Litecoin investment products. The filing is a significant step towards making Solana more accessible to investors, who would be able to buy shares that track the SOL token’s price without needing to directly purchase and store cryptocurrency.
The SOL token is currently the fifth-largest digital asset, with a market capitalization of $82 billion and a 400% increase in value over the past year. Its native blockchain is widely used for decentralized applications, DeFi, and other purposes, offering cheaper and faster transactions compared to its main rival, Ethereum.
Canary Capital, a Nashville-based firm launched in September, aims to provide institutions with crypto trading and management solutions. Its statement highlights Solana’s robust DeFi ecosystem, low fees, and strong on-chain analytics, making it a leading choice for decentralized applications.
SEC Approval Still Uncertain
While the SEC has approved Bitcoin and Ethereum ETFs in recent months, the regulator has been cautious in taking such steps. Analysts believe Solana ETFs will eventually be approved in the US, but the timing depends on factors such as the outcome of the upcoming US election and the SEC chairman’s term.
VanEck and 21Shares, both offering Bitcoin and Ethereum ETFs in the US, filed their applications for a spot Solana ETF in June. Canary Capital joins the growing list of companies seeking to offer Solana-based investment products to US investors.
Solana’s Growing Presence
Solana’s strong growth and increasing adoption have made it an attractive choice for investors. The token’s native blockchain offers faster and cheaper transactions, making it a popular choice for various decentralized applications. As the SEC considers the approval of Solana ETFs, investors are eagerly awaiting the opportunity to gain exposure to this growing digital asset.