Asset supervisor Canary Capital has formally filed for a spot Solana ETF in the US, following within the footsteps of funding agency VanEck, which launched its personal software 4 months in the past. The Solana ETF transfer was confirmed minutes in the past by Bloomberg ETF skilled James Seyffart on social media platform X (previously Twitter).
Canary Capital Pursues Spot Solana ETF
Regardless of not having a reside exchange-traded fund within the US, in contrast to established issuers reminiscent of BlackRock, Constancy and Grayscale, Canary Capital’s submitting alerts its continued intent to enter the crypto ETF house following the numerous uptake seen in current months.
The asset supervisor, based mostly in Sydney and established in 2017, has been proactive in pursuing a wide range of crypto-related ETFs. As beforehand reported by Bitcoinist, simply weeks in the past, it submitted comparable S-1 type purposes for XRP and Litecoin ETFs.
This transfer comes as in January, the US Securities and Alternate Fee (SEC) accredited a sequence of Bitcoin ETFs, marking a significant milestone for crypto funding merchandise within the nation.
The approval of 12 Bitcoin funds was adopted by the inexperienced gentle for Ethereum-based ETFs in July, additional legitimizing the cryptocurrency market.
Cryptocurrency Laws In Flux
Regardless of these developments, the paths for cryptocurrencies like XRP, Solana, and Litecoin stay fraught with uncertainty because of ongoing debates about their classifications as both securities or commodities—a vital issue within the SEC’s approval course of.
It’s but to be seen whether or not further funding corporations will pursue comparable spot Solana ETF purposes or await clearer regulatory steerage, particularly in gentle of the upcoming US presidential election.
The present contrasting positions of pro-Bitcoin candidate Donald Trump and Vice President Kamala Harris may affect the trajectory of cryptocurrency rules, doubtlessly affecting the approval course of for these ETFs within the upcoming yr.
On the time of writing, SOL trades at $175.
Featured picture from DALL-E, chart from TradingView.com