This week, Canary filed an S-1 registration with the U.S. SEC, aiming to gain approval for a Solana-focused ETF.
If approved, this would allow everyday investors to buy shares that track the price of SOL.
What is a Solana ETF?
An ETF is a financial tool that lets people invest in a range of assets without owning the assets directly. This Solana ETF would allow investors to gain exposure to Solana’s price. This is without needing to buy, store, or manage SOL tokens. Besides the Solana ETF, Canary has also filed for Litecoin and XRP ETFs.
For Canary Capital’s ETF to become available, it first needs approval from the SEC. A few months back, in June, another fund manager, VanEck, also filed for a spot in Solana ETF but has yet to receive a green light.
Update: @CanaryFunds just filed for a Solana ETF pic.twitter.com/3OhdfaKVrw
— James Seyffart (@JSeyff) October 30, 2024
What This Means for Investors
If the SEC does approve the Canary Solana ETF, it would offer a simple way for people to invest in Solana without buying actual tokens. By buying shares in an ETF, investors can track Solana’s performance and enjoy some exposure to the crypto market without the complications of managing digital wallets or dealing with exchanges.
🚨NEW: @CanaryFunds has filed with the @SECGov for a $SOL ETF, making it the firm’s third crypto ETF application this month.
Canary has now filed for a $SOL ETF, a $LTC ETF, an $XRP ETF and launched an $HBAR Trust. @stevenmcclurg has been putting in the overtime over there. https://t.co/dR8LIm1PCX
— Eleanor Terrett (@EleanorTerrett) October 30, 2024
With the SEC still deciding on both VanEck’s and Canary Capital’s applications, investors will have to “sit tight” and wait to see if either ETF makes it to market. If approved, the ETF could bring more attention to Solana and make it easier for people to invest.
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