Solana ETF Momentum Grows With New Filing After Bitcoin and Ethereum Approvals
Canary Capital, a new American asset manager, has filed to launch a spot Solana ETF in the United States, becoming the third firm to do so after established companies like VanEck and 21Shares. This move comes after recent approvals of Bitcoin and Ethereum ETFs, which have encouraged other firms to pursue similar offerings. If approved, the Canary Solana ETF would allow investors to gain exposure to Solana (SOL) without directly purchasing or storing the cryptocurrency. Currently, SOL is the fifth-largest digital asset, boasting a market cap of $82 billion. It has appreciated by 400% in value over the past year, indicative of its growing popularity as a platform for decentralized applications (dapps) and decentralized finance (DeFi). While the SEC has expressed doubts about SOL being an unregistered security, analysts remain optimistic about the potential for further ETF approvals, particularly in light of the recent favorable regulatory environment for Bitcoin and Ethereum funds. The outcomes of the upcoming U.S. elections and the future of SEC leadership may significantly influence the pace of these developments.
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