Another Investment Firm Seeks Approval for Solana ETF

Another company has stepped into the spotlight by filing for a Solana (SOL) spot exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).

Canary Capital, an investment firm specializing in cryptocurrency and established by Steven McClurg, a former co-founder of Valkyrie Funds, has submitted a proposal for a Solana (SOL) spot exchange-traded fund (ETF) to the U.S. Securities and Exchange Commission (SEC).

This move arrives during a notable increase in applications from various asset managers looking to launch cryptocurrency-backed ETFs on traditional exchanges. If granted approval, the Solana ETF would allow investors to gain exposure to SOL without the need to hold the digital asset directly.

In its pursuit of expanding cryptocurrency investment options, Canary Capital has also filed for spot ETFs linked to XRP and Litecoin, demonstrating its commitment to providing regulated avenues for investors interested in significant digital assets. The filing for the Solana ETF was officially documented through an S-1 registration statement submitted to the SEC on October 30.

In its application, the firm highlighted Solana’s vibrant ecosystem and competitive transaction fees, which have driven substantial transaction volume and an increasing number of unique addresses on the network. Canary Capital noted that “Solana’s strong decentralized finance (DeFi) ecosystem has resulted in consistently high on-chain analytics, as indicated by daily transaction counts.”