Canary Capital Seeks Spot Solana ETF Approval

After getting things going for a spot for XRP ETF and Litecoin ETF in early October, the crypto asset manager has filed for a spot for Solana ETF

According to the US Securities and Exchange Commission, Canary Capital has also applied for a spot in the Solana exchange-traded fund (ETF). This is in line with what VanEck and 21Shares have already done.

Canary said in an S-1 registration statement made on Oct. 30 that the spot ETF would follow the price of SOL using the CF Solana index from the Chicago Mercantile Exchange, a real-time price benchmark product.

Canary’s planned spot Solana ETF would let investors enter the Solana market through a regular brokerage account without dealing with the risks and barriers of holding SOL directly.

To some, Solana would be the next cryptocurrency to get an SEC-approved spot ETF. Bitcoin and Ether did it in January and July, respectively.

VanEck and 21Shares are the other asset managers who have filed for a US spot SOL ETF. They did so on June 27 and 28.

Franklin Templeton is also interested in a spot in SOL ETF.

It wasn’t clear from Canary who would be in charge of the spot SOL ETF or what ticker the fund would be traded under.

This is the third time that the company has filed. The first time was on Oct. 8 for a spot XRP ETF, and the second time was on Oct. 15 for a spot Litecoin ETF.

The price of Solana went up a little after the news, but it has still been down 2.3% since yesterday, to $174.6.

Even when layer 2 chains are considered, Canary wrote in an Oct. 29 post that Solana has a much larger share of the live address market than Ethereum and the Binance Chain.

Steven McClurg started Canary. He was one of the owners of Valkyrie Funds and the managing director of Mike Novogratz’s Galaxy Digital.

With a focus on risk management and adaptive strategic planning, Canary was created to lead the way for the next generation of actively managed and passive crypto-related offerings. The company said this on Oct. 1, the same day it launched its first trust offering, the Canary HBAR Trust.