Asset manager Canary Capital has officially applied for a spot for Solana ETF in the United States, following in the footsteps of investment firm VanEck, which has its own application four months ago. The switch from Solana ETF was confirmed minutes ago by Bloomberg ETF expert James Seyffart on social media platform X (formerly Twitter).
Canary Capital is pursuing Spot Solana ETF
Despite no live exchange-traded fund in the US, Canary Capital’s filing, unlike established issuers like BlackRock, Fidelity and Grayscale, indicates it still plans to enter the crypto ETF space entered after the significant turnout in recent months.
The asset manager, based in Sydney and founded in 2017, has been proactive in pursuing a variety of crypto-related ETFs. As before reported from Bitcoinist, it filed similar S-1 form filings for XRP and Litecoin ETFs several weeks ago.
The move comes as the US Securities and Exchange Commission (SEC) approved a series of Bitcoin ETFs in January, marking a major milestone for crypto investment products in the country.
The approval of twelve Bitcoin funds was followed in July by the green light for Ethereum-based ETFs, further legitimizing the cryptocurrency market.
Cryptocurrency regulations in flux
Despite this progress, the paths for cryptocurrencies such as XRP, Solana and Litecoin remain fraught with uncertainty due to ongoing debates over their classification as securities or commodities – a crucial factor in the SEC’s approval process.
It remains to be seen whether more investment firms will pursue similar Solana ETF applications or wait for clearer regulations, especially in light of the upcoming US presidential election.
The current contrasting positions of pro-Bitcoin candidate Donald Trump and Vice President Kamala Harris could influence the trajectory of cryptocurrency regulation, potentially impacting the approval process for these ETFs in the coming year.
At the time of writing, SOL is trading at $175.
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