Crypto asset management firm Canary Capital has formally submitted a filing for a spot Solana exchange-traded fund (ETF) with the United States Securities and Exchange Commission (SEC). This move aligns Canary Capital with asset managers VanEck and 21Shares, who also filed for similar Solana ETFs earlier this year. The growing interest in spot Solana ETFs suggests rising demand for Solana market access among investors seeking to gain exposure to Solana’s native token, SOL, via a more traditional investment vehicle.
Tracking SOL’s Real-Time Price with Chicago Mercantile Exchange Index
In its Oct. 30 S-1 registration statement, Canary outlined that the proposed spot Solana ETF would be tied to the Chicago Mercantile Exchange CF Solana index, a real-time pricing benchmark. By linking to this index, the ETF aims to offer a precise reflection of SOL’s market price, allowing investors to follow Solana’s value fluctuations closely without directly holding the asset.
Canary Capital highlighted that this ETF structure could open the Solana market to a broader audience, providing retail and institutional investors with a regulated pathway to engage with Solana without directly managing the complexities of holding or securing SOL tokens.
If approved, Canary’s spot Solana ETF would join the ranks of newly introduced crypto ETFs focused on mainstream adoption of digital assets. Solana has increasingly been regarded as the next potential candidate for spot ETF approval, especially following the SEC’s nods for Bitcoin and Ethereum spot ETFs in January and July of this year.
Asset managers VanEck and 21Shares filed their own applications on June 27 and June 28, respectively. Meanwhile, global asset management giant Franklin Templeton has hinted at its own interest in a Solana ETF, indicating further momentum toward Solana-focused investment products.
Canary Capital has yet to disclose details about the custodian for the proposed fund, nor has it indicated a prospective ticker symbol under which the ETF would trade. This follows the firm’s recent filings for other crypto-based ETFs, including a spot XRP ETF filed on Oct. 8 and a spot Litecoin ETF filed on Oct. 15, indicating Canary’s broader push into crypto asset management.
Solana Sees Price Movement on Filing News
The news of Canary’s filing was met with a modest price uptick in Solana’s token, SOL, though CoinGecko data shows it remains down by 2.3% at $174.6 over the last day. Nonetheless, Solana’s popularity continues to rise, with Canary reporting that Solana now surpasses both Ethereum and Binance Chain in active address market share—even when accounting for Ethereum’s layer-2 chains.
Canary Capital’s Strategy and Future Offerings
Founded by Steven McClurg, former co-founder of Valkyrie Funds and former managing director at Mike Novogratz’s Galaxy Digital, Canary Capital has been positioning itself as a leader in both active and passive crypto-related offerings. In an Oct. 1 statement, the company emphasised its commitment to “risk management and adaptive, strategic foresight” following the launch of its first trust, the Canary HBAR Trust, which centred on the Hedera network’s HBAR token.
With these strategic moves, Canary aims to capitalise on growing investor interest in regulated, accessible crypto investment products, positioning itself at the forefront of an evolving landscape for traditional and digital asset management.
