 
 
Canary Capital Group, a brand new digital asset-focused funding agency created by former Valkyrie Funds co-founder Steven McClurg, has develop into the most recent funding agency to use for a Solana-based exchange-traded fund (ETF).
Canary Capital joins a rising listing of prestigious asset managers searching for to listing a SOL ETF in the USA, together with VanEck and 21Shares.
Canary Capital Pursues Spot Solana ETF
Regardless of Bitcoin (BTC) ETF chief Blackrock opting out of the Solana ETF race, another companies usually are not shying away from submitting to introduce an funding automobile that may give traders publicity to SOL with out having to buy and retailer the cryptocurrency themselves.
In accordance with an S-1 registration assertion filed on Oct. 30, Canary Capital’s proposed spot SOL ETF would let conventional traders entry the Solana market through brokerage accounts with out the potential hurdles to entry or dangers.
It’s price mentioning that Canary Capital not too long ago submitted S-1s for a spot XRP ETF on Oct. 8 after which a spot Litecoin ETF simply seven days afterward Oct. 15. With its newest submitting, the agency has not named the custodian and administrator for the SOL ETF, nor did it say what ticker image the fund could be listed beneath.
 
SOL is at the moment the fifth-largest crypto in the marketplace. The Solana blockchain is used for decentralized functions (dapps), decentralized finance (DeFi), and is house to a slew of meme cash. It’s thought-about a key competitor to Ethereum because it presents cost-effective and quicker transactions.
“Regardless of the hyper-competitive L1 and EVM panorama, Solana has emerged as a battle-tested front-runner for decentralized functions,” Canary wrote within the assertion. “Solana’s strong DeFi ecosystem has led to robust sustained on-chain analytics as measured by transactions per day, lively addresses, and new addresses, whereas sustaining a low charge atmosphere for all shoppers. Future progress in native on-chain stablecoin deployment can even doubtless additional speed up the commanding lead Solana maintains over its friends.”
Solana has been thought-about the subsequent digital asset to have a spot ETF greenlighted by the SEC, following Bitcoin and Ethereum approvals in January and July, respectively.
Wen Solana ETF?
Solana ETF anticipation has spurred large investor consideration since VanEck submitted paperwork to launch the VanEck Solana Belief in June 2024. 21Shares adopted VanEck’s lead, submitting with the SEC to debut its personal spot Solana ETF.
Asset supervisor Grayscale not too long ago filed to transform a multi-asset fund into an ETF on the New York Inventory Alternate, which options Solana publicity alongside Bitcoin, Ethereum, Ripple’s XRP, and Avalanche. These filings recommend a rising confidence in Solana’s potential amongst institutional traders.
Franklin Templeton can also be eyeing a spot SOL ETF, although it has but to file an utility.
Within the SEC’s pending lawsuits in opposition to digital asset exchanges like Coinbase, Kraken, and Binance, the company claims that SOL satisfies the Howey Take a look at, thus making it a safety. Some business insiders now suppose SOL ETFs have a near-zero likelihood of approval as a result of SEC’s considerations over Solana’s classification as a safety.
Nevertheless, others imagine that with BTC and ETH ETFs already buying and selling on U.S. exchanges, making a logical case to disclaim Solana the identical product is a steep uphill battle for the regulator.
