The crypto investment firm Canary Capital has submitted an S-1 filing to the SEC for the registration of a Solana-based spot ETF.
According to the document, the firm aims to “provide access to the price of Solana (SOL) held by the Trust.”
The custodian and administrator of the product have not been specified.
“Solana’s developed DeFi ecosystem ensures sustainable on-chain activity, as evidenced by the number of daily transactions, active and new addresses, while maintaining low fees for users,” the company stated.
SOL ranks fifth by market capitalization on CoinGecko with a valuation of $82.23 billion. The asset is trading around $174, which is 32.7% below its all-time high ATH of approximately $260 reached three years ago.
In October, Canary Capital filed similar applications for launching spot ETFs based on XRP from Ripple and Litecoin.
Back in June, investment firm VanEck submitted a form to the SEC for the registration of an exchange-traded fund based on Solana.