Canary Capital Files Application for Solana ETF in the U.S.
Investment firm Canary Capital has filed an application to launch a spot ETF based on the cryptocurrency Solana (SOL) in the United States.
According to information specified in the derivative’s registration form, Canary Capital’s Solana ETF will track the SOL exchange rate in real-time using an index developed by the Chicago Mercantile Exchange. Investors will be able to purchase ETF shares using a regular brokerage account and profit from the rise in Solana’s price. However, it is not yet known where the digital assets acquired in exchange for the issued ETF shares will be stored.
In addition to Canary Capital, firms VanEck and 21Shares—which have released funds based on Bitcoin and Ethereum (ETH)—have submitted applications to the U.S. Securities and Exchange Commission requesting approval to create a Solana ETF. Moreover, financial industry giant Franklin Templeton, managing client assets totaling at least $1.5 trillion, plans to introduce a derivative based on SOL.
According to many experts, the regulator will approve the launch of Solana ETF trading, leading to a significant capital inflow into the cryptocurrency market. However, SOL is doing well even without support from derivative issuers. Since October 10, the coin has appreciated by 29%, and its rate fluctuates above the bullish trend line; accordingly, the upward trend should continue.