Canary Capital files new filing for Solana ETF, in race for SEC approval

Nashville, Tennessee – May 21, 2025 – In view of the growing interest in cryptocurrencies, Canary Capital has submitted a new proposal to the US SEC (Securities and Exchange Commission). This proposal is to launch a new ETF (Exchange Traded Fund) based on the cryptocurrency called Solana, named “Canary Marinade Solana ETF”.

This fund was first proposed in March 2025 as the “Canary Solana Trust”, but now it has been modified to include Staking of Solana in conjunction with Marinade Finance. Staking means getting rewards by locking your coins. In this fund, these rewards will either be reinvested or given to investors.

The purpose of this ETF is to give investors a benefit according to the fluctuations in the price of Solana.

Strong competition for Solana ETF

So far, 6 Solana ETF proposals have been submitted to the SEC. These companies include:

1. Canary Capital – Canary Marinade Solana ETF
2. VanEck – VanEck Solana Trust
3. 21Shares – 21Shares Core Solana ETF
4. Bitwise – Bitwise Solana ETF
5. Grayscale – Grayscale Solana Trust (trying to convert to ETF)
6. Franklin Templeton – Franklin Solana ETF

In addition, two Solana futures ETFs have already come to the market (SOLZ and SOLT), but these work differently from spot ETFs.

Special thing about staking

Canary’s fund is different from other funds because it also includes returns from Solana’s staking. Although the SEC has been a little skeptical about crypto staking so far, now with the arrival of new SEC Chairman Paul Atkins, it is expected that the outlook towards crypto may be a little positive.

Experts believe that there is a 90% chance of Solana ETF getting approval in 2025, as Solana’s blockchain technology is considered fast and reliable.

Some challenges still remain

However, a big question is whether Solana is a security or not. The ongoing legal debate on this may delay the approval of the ETF and the launch may be postponed to 2026.

Meanwhile, Canada has overtaken the US. There, four spot Solana ETFs have already been launched on the Toronto Stock Exchange and all have staking facility.

Result

Canary Capital’s new filing shows that investor interest in fast and affordable blockchain platforms like Solana is growing. If approved by the SEC, it will make it easier for the general public to invest in crypto.

Note: This information is as of May 21, 2025. It may change in the future.

Also Read: Solana’s Alpenglow Protocol: A Big Step Towards Real-Time Blockchain