Canary Capital Files for Solana Spot ETF, Joining Growing Trend in Crypto Investment Products
Canary Capital, founded by former Valkyrie Funds co-founder Steven McClurg, has filed for a Solana (SOL) spot exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
This application is part of a broader trend, as several asset managers aim to launch cryptocurrency-backed ETFs on traditional exchanges. If approved, the Solana ETF would allow investors to gain exposure to SOL without directly owning the cryptocurrency.
In addition to the Solana ETF, Canary Capital has also submitted applications for spot ETFs linked to XRP and Litecoin, reflecting its commitment to creating regulated access to key digital assets. The recent S-1 registration statement emphasizes Solana’s active ecosystem and low transaction costs, which have driven high transaction volumes and unique addresses on the network.
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While Canary’s move follows VanEck’s earlier filing for a Solana ETF, regulatory uncertainty remains due to the SEC’s classification of SOL as a security in its 2023 case against Binance. The SEC has, however, approved multiple spot Bitcoin and Ethereum ETFs this year, indicating growing interest in crypto ETFs.
Approval of the Solana ETF could enhance SOL’s market presence and make it more accessible to institutional and retail investors. Additionally, the upcoming U.S. presidential election may influence the regulatory environment for crypto ETFs, with analysts suggesting that a Trump administration might adopt a more favorable stance towards cryptocurrencies, while a Harris administration could maintain current regulations.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
