Canary Capital has amended its $SOL ETF application to include the newly renamed “Canary Marinade Solana ETF.” The original Solana ETF application, which has been under regulatory evaluation since late 2024, serves as the foundation for this recent filing.
The updated filing’s “Marinade” branding alludes to Solana’s liquid staking ecosystem after partnering with Marinade Finance, a Solana-based stake automation platform. This implies that the ETF might include staking yield components or other DeFi features, which will contribute to Solana’s popularity among cryptocurrency enthusiasts.
The filing comes after the SEC delayed several registrations for cryptocurrency ETFs. The most recent Canary Spot $SOL ETF deadline was May 19, 2025, with evaluations regularly extended. The regulator has repeatedly extended the evaluation periods for Solana-based ETFs. Since the SEC is still cautious about digital asset investment products other than Bitcoin and Ethereum, this pattern of delays is not new.
Competitive Solana ETF Space
Besides Canary Capital, several major financial institutions have submitted similar applications, including VanEck, 21Shares, Bitwise, Grayscale, and Franklin Templeton. This indicates growing interest from established asset managers and increasing institutional demand for regulated exposure to Solana’s ecosystem.
VanEck, 21Shares, Bitwise, and Canary Capital filings were officially added to the Federal Register on February 18, 2025. This triggered a 240-day deadline for the SEC to make a final decision. Bloomberg ETF analysts have assigned a 70% probability of approval for spot $SOL ETFs, indicating growing optimism in the market.
Moreover, under new leadership following a change in administration, the SEC has shown more willingness to engage with cryptocurrency ETF applications previously considered “nonstarters,” according to McClurg.
If approved, the Canary Marinade Solana ETF would expose traditional investors to SOL without the complexities of direct cryptocurrency ownership. JPMorgan estimates that a spot Solana ETF could attract between $3 billion and $6 billion in net assets within its first year of operation, demonstrating the significant market potential for these investment vehicles.
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