Canary Capital joins Solana ETF race, filing spot SOL fund with SEC

Crypto asset manager, Canary Capital, has filed for a spot Solana exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). According to the S-1 registration statement, the Canary Solana ETF is intended to “provide exposure to the price of Solana (SOL) held by the Trust”.

As per the filing , Solana’s DeFi ecosystem shows strong metrics, including high transaction volume, active addresses, and new address growth, alongside low transaction fees for users.

Solana gains momentum as the next spot ETF candidate

Solana has emerged as the next candidate for SEC approval of a spot ETF, potentially following Bitcoin and Ether, which secured approvals in January and July.

While Canary’s filing with the SEC did not specify a custodian or listing ticker, the move represents a growing interest in U.S.-based Solana ETFs. Other asset managers, including VanEck and Franklin Templeton, have similarly set their sights on a spot SOL ETF.

Following the announcement, Solana’s price briefly rose, although it remains down 2.3% at $174.6, according to CoinGecko .

In an October 29 statement, Canary highlighted Solana’s growth, noting it now leads both Ethereum and Binance Chain in active address market share, including activity on layer 2 chains.

Canary Capital strives to lead diverse digital asset offerings for traditional investors

On October 1, the company launched its first trust product, the Canary HBAR Trust, followed by the S-1 submissions for a spot XRP ETF on October 8 and a Litecoin ETF on October 15.

Should these applications gain regulatory approval, the firm’s decision to pursue these ETFs could offer traditional investors more varied exposure within the digital asset space. While the SEC has not approved any of Canary’s current applications, its judgment on these files might create significant precedents.

If the Solana, XRP, or Litecoin ETF receives a favorable review, it may prompt more asset managers to explore ETFs tied to a broader selection of digital currencies.

Despite these improvements, the prospects for cryptocurrencies such as XRP, Solana, and Litecoin remain uncertain due to persistent disagreements over their status as securities or commodities—an essential aspect of the SEC’s clearance process.