Canary
Capital Files Solana
ETF with SEC: What Investors Should Know
Canary Capital applied to the US Securities and Exchange Commission (SEC) on
October 30 for a spot Solana ETF (exchange-traded fund). It marks another
attempt to offer Solana-focused investment opportunities through traditional
brokerage channels .
This comes shortly after Canary filed for similar ETFs for XRP and Litecoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Litecoin,
signaling the firm’s pursuit to expand the investment avenues available to
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта holders.
Canary Capital’s Solana ETF Filing to Broaden Crypto Access
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The proposed spot ETF from Canary Capital aims to track SOL’s performance
through the CF Solana Index, which provides real-time price tracking, as
detailed in its S-1 registration statement. This setup seeks to give investors
exposure to Solana s price movements without the complexities and
security concerns of direct cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта holdings.
If approved, the ETF will enable investors to access the Solana market through
a standard brokerage account. Crypto ETFs appeal to investors by offering
indirect exposure to digital assets, presenting a simplified, lower-risk
alternative. These funds bypass typical crypto-market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта risks, making them
accessible to both institutional and retail investors.
Canary Capital’s application joins a growing list of firms seeking SEC
approval for Solana ETFs. This includes filings by VanEck and 21Shares in
June, with Franklin Templeton also rumored to be considering a Solana ETF.
Read more: Solana ETF Explained: What It Is and How It Works .
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Canary Capital has not disclosed details regarding the proposed ETF’s
custodian or ticker symbol. However, the firm’s move into Solana aligns with
its stated mission to broaden access to a diverse set of cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта
assets. Founded by Steven McClurg, a former executive at Galaxy Digital,
Canary Capital is known for its blend of adaptive foresight and risk-managed
strategies in the crypto investment space.
“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,” McClurg said .
The firm recently indicated optimism about Solana’s market prospects. It noted
that the platform’s active address share surpasses that of major networks like
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum and Binance Chain.
“Even when accounting for layer 2 chains, Solana’s active address market share
is far higher than Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum’s and Binance Chain’s,” Canary emphasized .
This metric, according to Canary, indicates a growing user base and suggests
long-term sustainability. This is a key selling point for potential investors
and a factor that could sway the SEC’s decision.
SOL ETF Approval Road Marred With SEC Challenges
Despite the new entry into the Solana ETF race, analysts are cautious about
the likelihood of near-term approval for such funds. Unlike Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin and
Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum, Solana faces distinct regulatory hurdles that could impact its ETF
prospects, fueling skepticism from firms like BlackRock .
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Particular concerns about Solana’s level of decentralization have raised
questions over its ETF prospects — a criterion the SEC may weigh heavily.
Solana’s reliance on fewer validator nodes compared to more decentralized
networks like Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum adds to the regulator’s apprehensions, as it
potentially introduces unique network vulnerabilities and governance issues.
These challenges, coupled with the SEC’s cautious stance on cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта,
suggest continued delays may be likely. Regulatory concerns are dampening
short-term market enthusiasm and may further prolong SEC approval for
Solana-focused ETFs.
While the US grapples with regulatory deliberation, Brazil has adopted a
different approach, recently approving a Solana ETF . This move positions
Brazil as a potential testing ground for crypto asset ETFs and sets an example
for other markets, as restrictive US regulations continue to hinder the
sector’s growth trajectory.
Read more: Solana (SOL) Price Prediction 2024/2025/2030 SOL Price Performance.
Source: BeInCrypto
Nonetheless, Canary Capital’s Solana ETF filing briefly boosted Solana’s
market performance. The price initially rose following the announcement,
though it later corrected. BeInCrypto data indicates an overall dip of 3.32%,
with Solana trading at $175.11 at the time of writing.
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