SEC Acknowledges Solana ETF Application from Canary Capital
The US Securities and Exchange Commission (SEC) has acknowledged the Solana ETF application from Canary Capital, initiating a 240-day review period for approval or denial. This follows a growing trend of ETF proposals for Solana, which began with VanEck last June. Other firms, including Grayscale and Franklin Templeton, are also pursuing similar applications.
Key Developments
- Canary Capital's filing is part of a broader push by asset managers for SOL-based investment products.
- Franklin Templeton registered a Solana Trust in Delaware, indicating potential ETF plans.
- Other firms have filed for ETFs focusing on various altcoins like Dogecoin, Litecoin, XRP, and Cardano.
- Bloomberg analysts estimate a 70% chance of SOL ETF approval, although timing remains uncertain.
- The SEC's previous classification of Solana as a security may complicate the approval process.
Market Reaction
Despite the SEC's acknowledgment, Solana's price decreased by 3.08%, trading at $196.10. Investor sentiment appears cautious regarding the impact of the ETF development amid ongoing regulatory concerns.