Canary Capital, a crypto-focused investment firm founded by former Valkyrie Funds co-founder Steven McClurg, has filed for a Solana (SOL) spot exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC).
This new development comes amid a surge of applications from various asset managers aiming to introduce cryptocurrency-backed ETFs on traditional exchanges. If approved, the Solana ETF would enable investors to gain exposure to SOL without directly holding the asset.
Canary Capital Submits Solana ETF Application
Canary Capital has been actively seeking approval for several cryptocurrency ETFs. In addition to the Solana ETF application, the firm recently filed for spot ETFs tied to XRP and Litecoin.
This series of applications underscores Canary’s strategic focus on creating regulated pathways for investors to access prominent digital assets. The Solana ETF filing was confirmed through an S-1 registration statement submitted to the SEC on October 30.
The firm emphasized Solana’s active ecosystem and its low transaction fees, which have contributed to a high transaction volume and a growing number of unique addresses on the network. “Solana’s robust DeFi ecosystem has led to strong sustained on-chain analytics as measured by transactions per day,” Canary Capital noted in the filing.
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