Canary Capital’s Proposed Solana ETF Reaches SEC Filing Milestone
Second ETF to Reach the Starting Gate Amid Broader Expectations of Altcoin Listings
Canary Capital’s proposed Solana ETF has become the second exchange-traded fund (ETF) to reach the starting gate, following Grayscale’s prospective Solana ETF. The regulatory filing, launched on Tuesday, opened up public comment on the “Canary Solana Trust,” a proposed ETF that would bring Solana investing into mainstream finance.
The filing marks a significant step forward for Canary Capital’s proposed investment vehicle, as the Securities and Exchange Commission (SEC) has opened up public comment. In 21 days, the SEC will render a verdict (approval or denial) or, more likely, kick the decision can with deadline extensions.
A New Era for Crypto ETFs?
Market observers are broadly bullish that SOL and other altcoins will win their own ETFs this year, but the exact timing and order are unclear. What’s more seemingly apparent is the SEC’s newfound willingness to look favorably upon the industry, and past the regulator’s old misgivings under former Chair Gary Gensler.
Donald Trump’s return to the White House created an opening for Canary to act aggressively, CEO Steve McClurg previously told CoinDesk. The firm is looking to list altcoin ETFs for assets like Solana that would have been nonstarters under the old regime.
Grayscale’s Prospective Solana ETF: A Canary in the Coal Mine?
Grayscale’s prospective Solana ETF reached this starting gate last week, meaning its 21-day fate will come a few days before Canary’s – and likely be a “canary in the coal mine” for both.
A Representative for Canary Did Not Immediately Respond to a Request for Comment
