Originally published on: October 30, 2024
Canary Capital, a prominent crypto asset manager, has taken a decisive step by filing for a spot Solana exchange-traded fund (ETF) with the United States securities regulator. This move follows in the footsteps of industry leaders like VanEck and 21Shares, signaling a growing interest in the Solana ecosystem.
The proposed spot Solana ETF by Canary Capital is set to track SOL’s price using the Chicago Mercantile Exchange CF Solana index, a real-time price benchmark product, as detailed in their S-1 registration statement filed on Oct. 30. This innovative ETF would enable investors to access the Solana market through traditional brokerage accounts, eliminating potential barriers to entry and risks associated with direct SOL holdings.
Solana, hailed as the next big thing in cryptocurrency, is poised to join the ranks of Bitcoin and Ether with an approved spot ETF by the SEC. VanEck, 21Shares, and now Canary Capital are leading the charge in bringing Solana to mainstream investors, with Franklin Templeton also keeping a close eye on the market.
While specifics about the custodian and listing details of the spot Solana ETF remain undisclosed, the industry is abuzz with anticipation for this groundbreaking development. Canary Capital’s recent filing for a spot XRP ETF and spot Litecoin ETF further solidifies their position as a key player in the evolving crypto landscape.
Despite a minor price fluctuation, Solana continues to show resilience in the market, outperforming competitors like Ethereum and Binance Chain in active address market share. Canary Capital, established by industry veterans, is committed to reshaping the crypto investment landscape with a keen focus on risk management and strategic foresight.
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