Canary Capital joins Solana ETF race amid rising investor demand

Canary Capital filed for a spot Solana ETF with the Securities and Change Fee (SEC) on Oct. 30, looking for to ascertain 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 line with the S-1 registration assertion. Canary Capital didn’t specify a custodian or administrator within the submitting.

In accordance with the submitting:

“Solana’s DeFi ecosystem reveals sturdy metrics, together with excessive transaction quantity, energetic addresses, and new tackle development, 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 lately submitted filings for spot ETFs primarily based on Litecoin and XRP.

Canary’s efforts align with elevated investor demand for regulated, digital asset-backed funds and comply with VanEck’s June submitting for a spot Solana ETF.

On the time, VanEck’s digital asset analysis head, Matthew Sigel, commented that Solana functionally resembles Bitcoin and Ethereum, 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 authorised a wave of spot Bitcoin ETFs, adopted by a number of Ethereum ETFs, spurring hypothesis over the potential approval of further crypto-backed ETFs, together with these primarily based 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 contributors await additional SEC choices.

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