Canary Capital has submitted an official application for a spot ETF for Solana cryptocurrency to the U.S. Securities and Exchange Commission. This is the second spot ETF application following GrayScale.
Details of Canary Capital's Application
Canary Capital has submitted the second spot ETF application for cryptocurrencies following GrayScale. The application is now open for public opinion by the SEC, lasting for 21 days.
Impact on Solana Market
Despite the application, Solana's price continues to decline. At the time of writing, Solana traded at $195.85, down 4.49% intraday. Analysts note that prices may test the support of $190.01 if the bearish sentiment persists.
Future of Crypto ETFs in 2025
Experts believe that by 2025, new crypto ETFs like Litecoin may be approved, and a significant rise in market interest is expected. Traditional financial players like BlackRock and JIO are anticipated to spur further development in the sector.
Canary Capital's application for a Solana ETF reflects the ongoing interest in cryptocurrency ETFs. The market awaits changes in 2025 that could lead to broader recognition and adoption of various digital assets.
