American asset manager Canary Capital recently filed with the US Securities and Exchange Commission (SEC) to launch a spot exchange-traded fund (ETF) based on the crypto Solana (SOL). The move makes Canary Capital the third company to try to launch a Solana ETF, following similar moves by VanEck and 21Shares.
Canary Capital Apply for Solana ETF!
Earlier this week, Canary Capital filed with the SEC for its proposed Canary Solana ETF. Often considered a fast and scalable alternative to Ethereum, Solana has gained popularity due to its low transaction fees and ability to process a large number of transactions per second. Canary Capital’s request comes at a time when Solana is showing signs of significant growth, surpassing even Ethereum and Binance Chain in terms of market share of active crypto addresses.
If Canary Capital’s application is approved, it could pave the way for even wider adoption of cryptocurrency-based ETFs in the United States. The approval of Bitcoin and Ethereum ETFs earlier this year already marked a turning point in institutional recognition of digital assets. The Solana ETF could reinforce this trend and attract more investors to the crypto market.
One step closer to cryptocurrency adoption
The growing interest in crypto-based ETFs reflects the wider adoption of digital assets by traditional investors. ETFs allow investors to access crypto markets without having to directly manage the underlying assets, thereby reducing the barriers to entry and risks associated with owning cryptocurrencies directly.
Canary Capital’s application for the Solana Spot ETF is an important step in the development of cryptocurrency-based financial products. Arriving in March 2025, the Solana ETF could play a key role in the integration of digital assets into conventional investment portfolios, as it provides a new avenue of access for traditional investors.
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The world is evolving and adaptation is the best weapon to survive in this wavy universe. Essentially a crypto community manager, I am interested in anything directly or indirectly related to blockchain and its derivatives. To share my experiences and raise awareness of a field that fascinates me, there is nothing better than writing articles that are both informative and relaxing.
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The comments and opinions expressed in this article are solely those of the author and should not be considered investment advice. Before making any investment decision, do your own research.