Canary Capital has taken a significant step towards launching a Solana ETF in the U.S. with its updated application.
Updated Solana ETF Application
Canary Capital has submitted an updated application for a Solana ETF to the U.S. Securities and Exchange Commission (SEC). The fund is now named Canary Marinade Solana ETF, coming as the SEC has postponed several crypto ETF applications, including the one from Canary.
Partnership with Marinade Finance
The fund has formed a partnership with Marinade Finance, a popular staking platform on Solana. This partnership will allow the ETF to include SOL staking, differentiating it from other fund applications. Bloomberg analyst James Seyffart confirmed that the rebranding of the ETF is associated with the partnership, indicating a growing trend of introducing DeFi features into traditional investment products.
SEC Delays
Despite Canary Capital’s recent update, the SEC has delayed its decision on the fund. The next review date is set for August 17. This delay is part of a broader slowdown, as the Commission has also postponed decisions on Solana ETF applications from 21Shares and Bitwise. Market sentiment remains optimistic, with Polymarket data showing that XRP and Solana ETFs still have the best chances of approval this year.
Given the latest developments and Canary's partnership with Marinade Finance, the fund may have an edge in the competitive crypto ETF market. However, the SEC's decision remains uncertain.
