Asset manager Canary Capital has officially filed for a spot Solana ETF in the United States, following in the footsteps of investment firm VanEck, which introduced its own application four months ago. The Solana ETF move was confirmed minutes ago by Bloomberg ETF expert James Seyffart on social media platform X (formerly Twitter).
Canary Capital Pursues Spot Solana ETF
Despite not having a live exchange-traded fund in the US, unlike established issuers such as BlackRock, Fidelity and Grayscale, Canary Capital’s filing signals its continued intent to enter the crypto ETF space following the significant uptake seen in recent months.
The asset manager, based in Sydney and established in 2017, has been proactive in pursuing a variety of crypto-related ETFs. As previously reported by Bitcoinist, just weeks ago, it submitted similar S-1 form applications for XRP and Litecoin ETFs.
This move comes as in January, the US Securities and Exchange Commission (SEC) approved a series of Bitcoin ETFs, marking a major milestone for crypto investment products in the country.
The approval of 12 Bitcoin funds was followed by the green light for Ethereum-based ETFs in July, further legitimizing the cryptocurrency market.
Cryptocurrency Regulations In Flux
Despite these advancements, the paths for cryptocurrencies like XRP, Solana, and Litecoin remain fraught with uncertainty due to ongoing debates about their classifications as either securities or commodities—a critical factor in the SEC’s approval process.
It is yet to be seen whether additional investment firms will pursue similar spot Solana ETF applications or wait for clearer regulatory guidance, especially in light of the upcoming US presidential election.
The current contrasting positions of pro-Bitcoin candidate Donald Trump and Vice President Kamala Harris could influence the trajectory of cryptocurrency regulations, potentially affecting the approval process for these ETFs in the upcoming year.
At the time of writing, SOL trades at $175.
Featured image from DALL-E, chart from TradingView.com