Crypto asset manager, Canary Capital, has filed for a spot Solana exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). According to the S-1 registration statement, the Canary Solana ETF is intended to “provide exposure to the price of Solana (SOL) held by the Trust”.
As per the filing, Solana’s DeFi ecosystem shows strong metrics, including high transaction volume, active addresses, and new address growth, alongside low transaction fees for users.
Solana gains momentum as the next spot ETF candidate
Solana has emerged as the next candidate for SEC approval of a spot ETF, potentially following Bitcoin and Ether, which secured approvals in January and July.
While Canary’s filing with the SEC did not specify a custodian or listing ticker, the move represents a growing interest in U.S.-based Solana ETFs. Other asset managers, including VanEck and Franklin Templeton, have similarly set their sights on a spot SOL ETF.
Following the announcement, Solana’s price briefly rose, although it remains down 2.3% at $174.6, according to CoinGecko.
In an October 29 statement, Canary highlighted Solana’s growth, noting it now leads both Ethereum and Binance Chain in active address market share, including activity on layer 2 chains.
Canary Capital strives to lead diverse digital asset offerings for traditional investors
On October 1, the company launched its first trust product, the Canary HBAR Trust, followed by the S-1 submissions for a spot XRP ETF on October 8 and a Litecoin ETF on October 15.
Should these applications gain regulatory approval, the firm’s decision to pursue these ETFs could offer traditional investors more varied exposure within the digital asset space. While the SEC has not approved any of Canary’s current applications, its judgment on these files might create significant precedents.
If the Solana, XRP, or Litecoin ETF receives a favorable review, it may prompt more asset managers to explore ETFs tied to a broader selection of digital currencies.
Despite these improvements, the prospects for cryptocurrencies such as XRP, Solana, and Litecoin remain uncertain due to persistent disagreements over their status as securities or commodities—an essential aspect of the SEC’s clearance process.
Earn more PRC tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://parrotcoin.net0
PRC Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed