Canary Capital makes its move for a spot Solana ETF in latest filing to the SEC
2024-10-31

Canary Capital has filed for a Solana based exchange-traded fund as firms gear up to see if they can secure U.S. regulatory approval.
The crypto investment firm filed an S-1 registration statement for the Canary Solana ETF on Wednesday. The fund looks to  "provide exposure to the price of Solana ('SOL') held by the Trust," according to that filing. A custodian and administrator were not named.
"Solana's robust DeFi ecosystem has led to strong sustained on-chain analytics as measured by transactions per day, active addresses and new addresses, while maintaining a low fee environment for all consumers," the firm said in a statement.
Steven McClurg founded Canary Capital and previously founded Valkyrie Funds, which has other spot crypto ETFs. Canary Capital has also filed registration statements for a spot Litecoin ETF and an XRP ETF.
Fund manager VanEck similarly filed for a spot Solana ETF in June. Matthew Sigel, head of digital assets research at VanEck asserted in a post on X at the time that SOL is a commodity because it "functions similarly" to bitcoin and ether. The SEC said SOL is a security when it filed charges against crypto exchange Binance last year.
The SEC approved 11 spot bitcoin ETFs earlier this year and soon after gave the green light for eight Ethereum ETFs.
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