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    Canary Capital files for spot Solana ETF with SEC

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    Crypto asset manager Canary Capital wants to create a new fund to track the price of Solana, a cryptocurrency. The proposal aims to simplify investing in Solana, reducing the potential risks of owning the cryptocurrency directly. This follows similar moves by VanEck, 21Shares, and Franklin Templeton. Canary Capital previously proposed similar funds for XRP and Litecoin. While specific details about the Solana fund are unknown, Canary Capital’s broader goal is to lead the development of active and passive crypto-related investments.

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    Canary Capital, a company that manages crypto assets, wants to create a new fund that follows the price of Solana, a type of cryptocurrency. This is similar to moves made by other companies like VanEck and 21Shares. This proposal was made to the U.S. securities regulator on October 30th. The aim of creating this Solana fund would be to make it easier for people to invest in Solana via their usual brokerage accounts, bypassing some of the potential risks involved with owning Solana directly.

    There’s been a lot of chatter about Solana being the next cryptocurrency to get this kind of approval from the U.S. regulator, like Bitcoin and Ether before it. Other companies, like VanEck and 21Shares, also put in applications this year to create similar funds. Even the investment giant Franklin Templeton is interested in a Solana fund.

    We don’t know the specifics of Canary Capital’s proposal yet, like who would safe keep the assets or what the fund would be called. This comes hot on the heels of them putting forward similar proposals for funds that track the prices of XRP and Litecoin, on October 8th and 15th respectively.

    Despite a slight increase in Solana’s price with this news, it has gone down slightly in the last day. Additionally, Canary has recently stated that Solana has surpassed Ethereum and Binance Chain in terms of active market share.

    Canary was created by Steven McClurg, who was also a co-founder of Valkyrie Funds and a former top dog at Mike Novogratz’s Galaxy Digital. The aim of Canary Capital is to lead the development of crypto-related investments that are both active and passive, with a focus on handling risk and strategic planning.

    Source: Cointelegraph

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