Canary Capital has applied to launch a Solana-based exchange-traded fund, as more firms prepare for the potential approval of US regulators.
The fund, called Canary Solana ETF, will provide exposure to the price of Solana (SOL) as managed by the trust.
The firm has not yet announced a custodian or administrator for the fund. In a statement, they emphasized the strength of Solana’s decentralized finance ecosystem and its low fee environment.
Founded by Steven McClurg, who also created Valkyrie Funds, Canary Capital has already filed registration statements for other crypto ETFs, including a Litecoin ETF and an XRP ETF.
Similarly, fund manager VanEck has also proposed a spot Solana ETF, arguing that SOL should be classified as a commodity due to its similarities to bitcoin and Ether.
