Canary Capital’s Bold Move: A New Solana ETF Filing
In a remarkable development within the cryptocurrency landscape, Canary Capital has submitted a proposal for a Solana exchange-traded fund (ETF), marking it as the second such initiative to reach the regulatory stage. This filing, made public on Tuesday, has prompted the Securities and Exchange Commission (SEC) to open the floor for public comments on the “Canary Solana Trust.” If approved, this ETF would facilitate mainstream investment in SOL, the native cryptocurrency of the Solana network.
This filing essentially sets a timeline for the SEC’s decision-making process regarding Canary Capital’s investment vehicle. The commission has a window of 21 days to either approve or deny the proposal, or most likely, extend the decision deadline further.
Market analysts and enthusiasts are generally optimistic about the prospects for SOL and other altcoins, believing that 2023 could see the introduction of more ETFs tailored to these digital assets. While the precise timing and order of approvals remain uncertain, there is a growing sense that the SEC is adopting a more favorable stance towards the cryptocurrency sector, especially in light of the regulatory changes following the tenure of former Chair Gary Gensler.
CEO Steve McClurg of Canary Capital has previously indicated that the political landscape, particularly following Donald Trump’s potential return to the White House, has provided a unique opportunity for the firm to pursue aggressive strategies. This includes the launch of altcoin ETFs, like the one focused on Solana, which would have faced significant hurdles under the previous administration.
Notably, Grayscale’s application for a Solana ETF also reached this regulatory checkpoint last week. This means that the SEC’s decision on Grayscale’s proposal will arrive just days before that of Canary’s, potentially serving as an early indicator or “canary in the coal mine” for both funds.
As of now, a representative from Canary Capital has not yet responded to requests for further comments regarding this exciting development.
Canary’s Solana ETF Reaches Next Stage in SEC Review
February 11, 202513Canary Capital’s Bold Move: A New Solana ETF Filing
In a remarkable development within the cryptocurrency landscape, Canary Capital has submitted a proposal for a Solana exchange-traded fund (ETF), marking it as the second such initiative to reach the regulatory stage. This filing, made public on Tuesday, has prompted the Securities and Exchange Commission (SEC) to open the floor for public comments on the “Canary Solana Trust.” If approved, this ETF would facilitate mainstream investment in SOL, the native cryptocurrency of the Solana network.
This filing essentially sets a timeline for the SEC’s decision-making process regarding Canary Capital’s investment vehicle. The commission has a window of 21 days to either approve or deny the proposal, or most likely, extend the decision deadline further.
Market analysts and enthusiasts are generally optimistic about the prospects for SOL and other altcoins, believing that 2023 could see the introduction of more ETFs tailored to these digital assets. While the precise timing and order of approvals remain uncertain, there is a growing sense that the SEC is adopting a more favorable stance towards the cryptocurrency sector, especially in light of the regulatory changes following the tenure of former Chair Gary Gensler.
CEO Steve McClurg of Canary Capital has previously indicated that the political landscape, particularly following Donald Trump’s potential return to the White House, has provided a unique opportunity for the firm to pursue aggressive strategies. This includes the launch of altcoin ETFs, like the one focused on Solana, which would have faced significant hurdles under the previous administration.
Notably, Grayscale’s application for a Solana ETF also reached this regulatory checkpoint last week. This means that the SEC’s decision on Grayscale’s proposal will arrive just days before that of Canary’s, potentially serving as an early indicator or “canary in the coal mine” for both funds.
As of now, a representative from Canary Capital has not yet responded to requests for further comments regarding this exciting development.
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