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Cryptocurrency News Articles

Canary Capital Files for a Solana ETF, Marking the Firm's Second Venture into the Expanding Landscape of Crypto ETFs

Oct 31, 2024 at 05:49 am

Canary Capital recently submitted a filing for a Solana ETF with the U.S. Securities and Exchange Commission (SEC), marking the firm's second venture into the expanding landscape of crypto ETFs.

Canary Capital Files for a Solana ETF, Marking the Firm's Second Venture into the Expanding Landscape of Crypto ETFs

Canary Capital filed with the U.S. Securities and Exchange Commission (SEC) to launch a Solana (SOL) exchange-traded fund (ETF) on Monday, marking the firm’s second venture into the expanding landscape of crypto ETFs.

This move comes amid a series of Canary Capital’s crypto ETF filings, with the recent ones being for a Litecoin (LTC) ETF on October 15 and an XRP ETF on October 8. Notably, Canary Capital’s XRP ETF submission was among the first of its kind, following closely behind Bitwise’s move to add XRP to its lineup of crypto products. This filing garnered significant attention within the crypto community, sparking discussions about the growing institutional interest in altcoins beyond the typical picks.

Canary has filed for a Solana ETF.. I believe this is #2 after VanEck

Canary Capital is known for its diverse hedge fund offerings, and its foray into crypto ETFs commenced in March 2023, with a Bitcoin (BTC) ETF application. The firm’s subsequent filings, targeting Litecoin, XRP, Solana and other crypto assets, showcase a broader strategy to expand its presence in the digital asset space.

The recent SEC filings underscore the firm’s aim to diversify its offerings beyond the already targeted cryptocurrencies like Bitcoin and Ethereum. Today, the company filed for a SOL ETF, which comes in second to VanEck’s SOL ETF as 21Shares withdrew the application recently.

Earlier, on October 15, the firm filed for a Litecoin ETF. The LTC ETF filing, submitted via Form S-1, highlights a significant departure from the trend of focusing predominantly on major assets, such as Bitcoin and Ethereum, which have historically dominated ETF applications.

Canary has filed for a Solana ETF.. I believe this is #2 after VanEck

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Back-to-back filings by Canary show a broader effort to offer diverse digital asset exposure via regulated financial products, as the SEC remains cautious on approving crypto-based ETFs.

The firm’s decision to pursue ETFs for both Litecoin and Solana could offer traditional investors more varied exposure within the digital asset space, should these applications gain regulatory approval. While the SEC has yet to grant approval for any of Canary’s pending applications, the decision on these filings could set important precedents.

If either the Solana, XRP or Litecoin ETF receives a favorable review, it may prompt more asset managers to explore ETFs tied to a broader selection of digital currencies. As the industry awaits further updates, these developments reflect the growing momentum in the crypto ETF space and a broadening interest beyond the usual leaders, such as Bitcoin and Ethereum.

Also Read: Oct 25: Bitcoin ETFs See +$402.08M, ETH ETFs Record $19M Outflow

News source:www.cryptonewsz.com

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