Crypto asset manager Canary Capital has followed in the footsteps of VanEck and 21Shares by filing with U.S. securities regulators for its spot Solana exchange-traded fund (ETF).
The Spot Solana (SOL) ETF will track the price of SOL through the Chicago Mercantile CF Solana Index, a real-time price benchmark product, Canary explained in an S-1 registration statement filed Oct. 30.
Canary’s proposed spot Solana ETF allows investors to access the Solana market through a traditional brokerage account without the potential barriers to entry or risks associated with holding SOL directly.
Solana was seen as the next cryptocurrency to have a spot ETF approved by the SEC, following Bitcoin (BTC) and Ethereum (ETH) in January and July.
Canary’s spot Solana ETF has been filed with the Securities and Exchange Commission. Source: Samsung Electronics
Asset managers VanEck and 21Shares are the other two asset managers that applied for the US spot SOL ETF on June 27 and 28, respectively.
The spot SOL ETF is also on Franklin Templeton’s radar.
Canary did not disclose who the custodian of the cash SOL ETF is or what stocks the fund will be listed on.
The company’s latest filing comes after Canary Capital filed its S-1 for its spot XRP ETF on Oct. 8, followed by its spot Litecoin ETF on Oct. 15, a week later.
relevant: FBI raises concerns about Bitcoin ETF security after warning from North Korean hackers
Solana’s price rose slightly on the news, but was still down 2.3% on the last day, hitting $174.6, according to CoinGecko data.
In an October 29 post, Canary noted that Solana has significantly surpassed Ethereum and Binance Chain in active address market share, even taking layer 2 chains into account.
Canary was founded by Steven McClurg, one of the founders of Valkyrie Funds and former managing director of Mike Novogratz’s Galaxy Digital.
“We founded Canary to lead the next iteration of actively managed and passively crypto-related products with a focus on risk management and adaptive, strategic foresight,” the company said on October 1, following the launch of the Canary HBAR Trust. He said. Provided by trust.
magazine: Bitcoin ETF Makes Coinbase a ‘Honeypot’ for Hackers and Governments: Trezor CEO