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Canary Capital Files for Solana ETF After LTC & XRP ETF

cryptonewsz.com 30 October 2024 23:19, UTC

Canary Capital recently submitted a filing for a Solana ETF with the U.S. Securities and Exchange Commission (SEC), marking the firm’s second venture into the expanding landscape of crypto ETFs. This move comes amid a series of Canary Capital’s crypto ETF filings.

Canary Capital’s Solana ETF Filing

The latest SEC filing that underscores the firm’s aim to diversify its offerings beyond the already targeted cryptocurrencies like Bitcoin and Ethereum. Today, the company filed for a SOL ETF, which comes in second to VanEck’s SOL ETF as 21Shares withdrew the application recently.

Earlier, on October 15, the firm filed for a Litecoin ETF. The LTC ETF filing, submitted via Form S-1, highlights a significant departure from the trend of focusing predominantly on major assets, such as Bitcoin and Ethereum, which have historically dominated ETF applications.

Canary has filed for a Solana ETF.. I believe this is #2 after VanEck pic.twitter.com/gNw6Cedrgy

— Eric Balchunas (@EricBalchunas) October 30, 2024

This filing followed Canary Capital’s recent application for an XRP ETF on October 8. Notably, the XRP ETF submission was among the first of its kind, closely following Bitwise’s similar move as it explored adding XRP to its suite of crypto products. The XRP filing gained considerable attention across the crypto community, raising discussions about the growing institutional interest in altcoins beyond the standard choices.

Approval Odds for Altcoin ETFs

The back-to-back filings by Canary Capital reflect a deliberate effort to expand access to a range of digital assets through regulated financial products. It’s because the SEC remains cautious on approving crypto-based ETFs.

The firm’s decision to pursue ETFs for both Litecoin and Solana could offer traditional investors more varied exposure within the digital asset space, should these applications gain regulatory approval. While the SEC has yet to grant approval for any of Canary’s pending applications, the decision on these filings could set important precedents.

If either the Solana, XRP or Litecoin ETF receives a favorable review, it may prompt more asset managers to explore ETFs tied to a broader selection of digital currencies. As the industry awaits further updates, these developments reflect the growing momentum in the crypto ETF space and a broadening interest beyond the usual leaders, such as Bitcoin and Ethereum.

cryptonewsz.com