Canary Capital Amends Solana ETF Filing To Include SOL Staking

Canary Capital has filed an amended version of its Solana ETF with the US Securities and Exchange Commission (SEC) to improve the fund’s offerings. As part of the amendment, the asset manager has updated the ETF’s name to reflect its new partnership with Marinade Finance for SOL staking.

Canary Capital Files Amended Solana ETF Prospectus

A recent SEC filing shows that the asset manager has filed an amended version of the registration statement for its SOL ETF. As part of the changes, Canary Capital has changed the fund’s name to ‘Canary Marinade Solana ETF.’

As Bloomberg analyst James Seyffart noted, the amendment reflects the partnership with Marinade Finance for SOL staking in the ETF wrapper. The Solana DeFi protocol had also teased about the partnership yesterday, while hinting at a big announcement today.

The Gensler-led administration had pushed back against staking being included in any ETFs, which is why asset managers opted against including it in the Ethereum ETFs before they launched. However, the current administration has become more open to the idea, leading to these fund managers filing amended versions for the ETH ETFs and other altcoin ETFs, including the Solana ones.

This development comes just as the US SEC delayed 21 Shares and Bitwise’s SOL ETF applications. The Commission also delayed its decision on Canary’s SOL ETF filing, with the next deadline coming up on August 17.

Seyffart predicts that the SEC will unlikely approve any filing until late June or early July at the “absolute earliest.” However, he believes an approval is more likely in early Q4. It is worth mentioning that the agency has also delayed its decision on other crypto ETFs, including the XRP ETFs.

As CoinGape reported, the most recent delays were Grayscale’s Dogecoin and XRP ETF filings and 21Shares’ XRP ETF filing. However, according to Polymarket data, the SOL and XRP ETFs still have the highest chance of being approved this year.

82% Chance Of An Approval This Year

Polymarket data shows that there is an 82% chance that the SEC will approve a Solana ETF in 2025. Meanwhile, there is an 18% chance that an approval would come before July 31.

Meanwhile, Bloomberg analysts Eric Balchunas and James Seyffart predict that there is a 90% chance of approval for the Solana ETFs. As part of the reasons for this prediction, the analysts noted that the SEC now views Solana as a commodity and that the altcoin already has a regulated futures market, through the CME.

The final deadline for the SOL ETFs is October 10, and approval is likely to come then. This would be similar to the approach that the Commission adopted for the Bitcoin and Ethereum ETFs, having approved all the funds on the last deadline.

At the time of writing, the Solana price is trading at around $169, up over 2% in the last 24 hours. The altcoin has already surged past the $170 mark on the day, reaching as high as $171.68.

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Boluwatife Adeyemi

Boluwatife Adeyemi is a well-experienced crypto news writer and editor who has covered topics that cut across several topics and niches. Boluwatife has a knack for simplifying the most technical concepts and making it easy for crypto newbies to understand. Away from writing, He is an avid basketball lover, a traveler and a part-time degen.

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