Canary Capital recently filed a Solana ETF application with the U.S. Securities and Exchange Commission (SEC), marking the company’s second venture into a growing crypto ETF. The move comes amid Canary Capital’s series of crypto ETF filings.
Canary Capital’s Solana ETF Application
The latest SEC filing highlights the company’s goal to diversify its offerings beyond the cryptocurrencies it already targets, such as Bitcoin and Ethereum. Today, the company applied for the SOL ETF, but 21Shares recently withdrew its application, making it second only to VanEck’s SOL ETF.
Prior to this, the company filed for a Litecoin ETF on October 15th. The LTC ETF application, filed on Form S-1, highlights a significant departure from the trend of primarily focusing on major assets such as Bitcoin and Ethereum, which have dominated ETF applications to date.
Canary applied for Solana ETF. I think this is second only to VanEck. pic.twitter.com/gNw6Cedrgy
— Eric Balchunas (@EricBalchunas) October 30, 2024
This filing follows Canary Capital’s recent filing for an XRP ETF on October 8th. Notably, the XRP ETF filing is the first of its kind and largely follows a similar move by Bitwise, which was considering adding XRP to its suite of crypto products. XRP’s filing garnered considerable attention across the crypto community, fueling discussion about the growing institutional interest in altcoins beyond the standard options.
Altcoin ETF approval odds
The flurry of filings by Canary Capital reflects a deliberate effort to expand access to a variety of digital assets through regulated financial products. The SEC remains cautious about approving crypto-based ETFs.
The company’s decision to pursue both Litecoin and Solana ETFs could provide traditional investors with more diversified exposure in the digital asset space if these filings receive regulatory approval. . Although the SEC has not yet approved Canary’s pending applications, decisions on those applications could set important precedents.
If Solana, XRP, or Litecoin ETFs receive positive reviews, more asset managers may consider ETFs tied to a broader range of digital currencies. As the industry awaits further updates, these developments reflect the growing momentum in the crypto ETF space and the spread of interest beyond the usual leaders such as Bitcoin and Ethereum.
Also read: October 25: Bitcoin ETF gains $402.08 million, ETH ETF records $19 million in outflows
