This week, Canary filed an S-1 registration with the U.S. SEC, aiming to gain approval for a Solana-focused ETF.
If approved, this would allow everyday investors to buy shares that track the price of SOL.
What is a Solana ETF?
An ETF is a financial tool that lets people invest in a range of assets without owning the assets directly. This Solana ETF would allow investors to gain exposure to Solana’s price. This is without needing to buy, store, or manage SOL tokens. Besides the Solana ETF, Canary has also filed for Litecoin and XRP ETFs.
For Canary Capital’s ETF to become available, it first needs approval from the SEC. A few months back, in June, another fund manager, VanEck, also filed for a spot in Solana ETF but has yet to receive a green light.
Update: @CanaryFunds just filed for a Solana ETF pic.twitter.com/3OhdfaKVrw
— James Seyffart (@JSeyff) October 30, 2024
What This Means for Investors
If the SEC does approve the Canary Solana ETF, it would offer a simple way for people to invest in Solana without buying actual tokens. By buying shares in an ETF, investors can track Solana’s performance and enjoy some exposure to the crypto market without the complications of managing digital wallets or dealing with exchanges.
NEW: @CanaryFunds has filed with the @SECGov for a $SOL ETF, making it the firm’s third crypto ETF application this month.
Canary has now filed for a $SOL ETF, a $LTC ETF, an $XRP ETF and launched an $HBAR Trust. @stevenmcclurg has been putting in the overtime over there. https://t.co/dR8LIm1PCX
— Eleanor Terrett (@EleanorTerrett) October 30, 2024
With the SEC still deciding on both VanEck’s and Canary Capital’s applications, investors will have to “sit tight” and wait to see if either ETF makes it to market. If approved, the ETF could bring more attention to Solana and make it easier for people to invest.
Disclaimer
The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted risk tolerance levels of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
The post Canary Capital Aims for Solana ETF with SEC Filing appeared first on Altcoin Buzz.
This articles is written by : Nermeen Nabil Khear Abdelmalak
All rights reserved to : USAGOLDMIES . www.usagoldmines.com
You can Enjoy surfing our website categories and read more content in many fields you may like .
Why USAGoldMines ?
USAGoldMines is a comprehensive website offering the latest in financial, crypto, and technical news. With specialized sections for each category, it provides readers with up-to-date market insights, investment trends, and technological advancements, making it a valuable resource for investors and enthusiasts in the fast-paced financial world.