Crypto asset management firm Canary Capital has filed for a spot Solana exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC).
According to the filing, the proposed Solana ETF will track SOL market value via the Chicago Mercantile Exchange CF Solana index — a live price benchmark tool.
Canary to Reduce Risk in Holding SOL
The asset manager also noted that the spot Solana ETF offers investors a pathway to engage with the Solana market through a traditional brokerage account, bypassing the risks associated with directly holding the digital asset.
Canary Capital has not revealed the custodian for the spot Solana ETF or specified the ticker symbol under which the fund will be listed.
Nonetheless, the asset manager believes that Solana has significantly surpassed both Ethereum and Binance Chain in active address market share, even when accounting for layer 2 chains.
Experts anticipate that Solana will be the next cryptocurrency to gain SEC approval for a spot ETF, following Bitcoin and Ether, which were approved in January and July.
Asset Managers Filing for Solana ETF
Canary Capital is not the only asset manager to have filed for a US spot ETF. On June 27, crypto asset management firm VanEck announced on X that it had filed for a Solana ETF with the US Securities regulator.
Similarly, on June 28, 21Shares filed a spot Solana ETF with the US securities regulator. The firm aims to address the growing market demand for crypto-focused investments.
Franklin Templeton, one of the first firms to issue a spot Bitcoin ETF in the US, also revealed plans for a potential Solana ETF.
