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Cryptocurrency News Articles
Crypto Asset Manager Canary Capital Files for a Spot Solana (SOL) Exchange-Traded Fund (ETF) with the SEC
Oct 31, 2024 at 07:19 am
The spot Solana SOL $175.82 ETF would track SOL's price through the Chicago Mercantile Exchange CF Solana index — a real-time price benchmark product
Crypto asset manager Canary Capital has filed for a spot Solana exchange-traded fund (ETF) with the United States securities regulator — following in the footsteps of VanEck and 21Shares.
The spot Solana (SOL) ETF would track SOL’s price through the Chicago Mercantile Exchange CF Solana index — a real-time price benchmark product, Canary explained in an S-1 registration statement filed on Oct. 30.
Canary’s proposed spot Solana ETF would enable investors to access the Solana market through a traditional brokerage account without potential barriers to entry or risks involved with holding SOL directly.
Solana has been tipped to be the next cryptocurrency to have a spot ETF approved by the SEC, following Bitcoin and Ether in January and July.
Canary’s spot Solana ETF filing with the Securities and Exchange Commission. Source: SEC
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Asset managers VanEck and 21Shares are the other two asset managers that have filed for a US spot SOL ETF on June 27 and 28, respectively.
A spot SOL ETF is also on Franklin Templeton’s radar.
Canary did not disclose who the custodian of the spot SOL ETF would be, nor did it state what ticker the fund would be listed under.
The firm’s latest filing comes after Canary Capital submitted S-1s for a spot XRP ETF on Oct. 8 and then a spot Litecoin ETF a week later on Oct. 15.
Solana’s price saw a minor spike on the news but is still down 2.3% over the last day to $174.6, CoinGecko data shows.
In an Oct. 29 post, Canary noted that Solana has strongly outpaced both Ethereum and the Binance Chain in active address market share, even when accounting for layer 2 chains.
Canary was founded by former 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 way for the next iteration of actively managed and passive crypto-related offerings with a focus on risk management and adaptive, strategic foresight,” the company said on Oct. 1 after launching the Canary HBAR Trust — its first trust offering.
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- Canary Capital Files for a Solana ETF, Marking the Firm's Second Venture into the Expanding Landscape of Crypto ETFs
- Oct 31, 2024 at 10:40 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.
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- Predictions You Shouldn’t Believe? XRP Price To $1,000, Dogecoin Price To $100, And Shiba Inu Price To $2
- Oct 31, 2024 at 10:25 am
- In the current crypto market, speculative price predictions often capture the attention of traders and investors. With claims suggesting that XRP price could soar to $1,000, Dogecoin price might reach $100, and Shiba Inu price could hit $2, it’s easy to get caught up in the wind.