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Canary Capital joins Solana ETF race amid rising investor demand

October 30, 2024Updated:October 31, 2024No Comments3 Mins Read
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Canary Capital joins Solana ETF race amid rising investor demand
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Canary Capital joins Solana ETF race amid rising investor demandReceive, Manage & Grow Your Crypto Investments With Brighty

Canary Capital filed for a spot Solana ETF with the Securities and Alternate Fee (SEC) on Oct. 30, looking for to ascertain a US-based spot Solana (SOL) exchange-traded fund.

The fund, titled the Canary Solana ETF, is designed to “present publicity to the value of Solana (‘SOL’) held by the Belief,” in line with the S-1 registration assertion. Canary Capital didn’t specify a custodian or administrator within the submitting.

In line with the submitting:

“Solana’s DeFi ecosystem exhibits sturdy metrics, together with excessive transaction quantity, lively addresses, and new deal with progress, alongside low transaction charges for customers.”

Based by Steven McClurg, who additionally established Valkyrie Funds, Canary Capital has been increasing its ETF purposes. The agency just lately submitted filings for spot ETFs primarily based on Litecoin and XRP.

Canary’s efforts align with elevated investor demand for regulated, digital asset-backed funds and comply with VanEck’s June submitting for a spot Solana ETF.

On the time, VanEck’s digital asset analysis head, Matthew Sigel, commented that Solana functionally resembles Bitcoin and Ethereum, suggesting it may very well be seen as a commodity. This angle contrasts with the SEC’s 2023 classification of Solana as a safety in its regulatory actions in opposition to Binance.

Earlier in 2024, the SEC permitted a wave of spot Bitcoin ETFs, adopted by a number of Ethereum ETFs, spurring hypothesis over the potential approval of further crypto-backed ETFs, together with these primarily based on Solana.

Canary Capital’s newest transfer highlights a broader pattern amongst funding corporations positioning for regulatory approval within the increasing marketplace for crypto ETFs as business contributors await additional SEC choices.

Talked about on this article
Writer

Assad Jafri

Editor & Reporter at CryptoSlate

AJ, a passionate journalist since Yemen’s 2011 Arab Spring, has honed his expertise worldwide for over a decade. Specializing in monetary journalism, he now focuses on crypto reporting.

Editor

Information Desk

Editor at CryptoSlate

CryptoSlate is a complete and contextualized supply for crypto information, insights, and knowledge. Specializing in Bitcoin, macro, DeFi and AI.

Disclaimer: Our writers’ opinions are solely their very own and don’t replicate the opinion of CryptoSlate. Not one of the data you learn on CryptoSlate ought to be taken as funding recommendation, nor does CryptoSlate endorse any challenge that could be talked about or linked to on this article. Shopping for and buying and selling cryptocurrencies ought to be thought-about a high-risk exercise. Please do your personal due diligence earlier than taking any motion associated to content material inside this text. Lastly, CryptoSlate takes no duty must you lose cash buying and selling cryptocurrencies.



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