As an analyst with a background in traditional finance and a keen eye for emerging trends in the crypto space, I am thrilled to see Canary Capital entering the fray with their proposed spot Solana ETF. Having worked alongside industry veterans like Steven McClurg and Mike Novogratz, I have a deep respect for their expertise and strategic acumen.
Canary Capital, a crypto asset management firm, submitted an application for a Solana-based ETF to the U.S. Securities and Exchange Commission, emulating the moves taken by both VanEck and 21Shares.
In simple terms, as Canary clarified in a document submitted for registration on October 30th, the ETF focusing on Solana (SOL) aims to follow the fluctuations of SOL’s price using the Chicago Mercantile Exchange CF Solana index – a real-time reference product that serves as a benchmark.
Canary’s proposed spot Solana ETF would allow investors to access the Solana market through a traditional brokerage account without potential barriers to entry or risks involved with holding SOL directly.
After Bitcoin (BTC) and Ether (ETH), Solana is being viewed as a potential candidate for a spot ETF approval by the SEC, with possible approval happening sometime around January or July.
Apart from Grayscale Investments, asset management firms VanEck and 21Shares have also submitted applications to launch Solana (SOL) Exchange-Traded Funds (ETFs) in the U.S., with their filings dated June 27th and 28th respectively.
A spot SOL ETF is also on Franklin Templeton’s radar.
Canary failed to reveal the identity of the custodian for the SOL ETF or the ticker symbol under which the fund will be traded.
Following the submission of S-1 forms for both an XRP and Litecoin Exchange Traded Fund (ETF) by Canary Capital on October 8th (for XRP) and October 15th (for Litecoin), the company has now made its latest filing.
According to CoinGecko’s latest report, Solana experienced a small surge in value due to recent news, yet it has dipped by approximately 2.3% within the past 24 hours, currently trading at $174.6.
On October 29th, Canary pointed out that Solana has significantly surpassed both Ethereum and Binance Smart Chain in terms of active address market share, taking this lead even when considering layer 2 networks.
Canary was established by Steven McClurg, a founding member of Valkyrie Funds and previously a managing director at Mike Novogratz’s Galaxy Digital.
The company stated that upon the launch of their first trust offering, Canary HBAR Trust, they aim to pioneer the future of actively managed and passive crypto products by emphasizing risk management and strategic, forward-thinking approaches.
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2024-10-31 02:31