Canary Capital Seeks SEC Approval for XRP and Solana ETFs
Canary Capital is moving closer to U.S. Securities and Exchange Commission (SEC) approval for its XRP and Solana (SOL) exchange-traded funds. The firm filed updated registration statements on Friday.
Both the Canary XRP ETF and the Canary Marinade SOL ETF now have a 0.50% sponsor fee. This is a reduction from the 0.95% fee set for Canary’s earlier HBAR and Litecoin ETFs.
Bloomberg ETF analyst Eric Balchunas noted that Canary’s Solana ETF includes staking but will not distribute staking rewards. This suggests the ETF is in its final approval stages.
Regulatory Environment and SEC Delays
Several issuers, including those pursuing DOGE and LTC ETFs, await clearer SEC guidance under new Chair Paul Atkins. Atkins’ crypto-friendly approach has sped up listing reforms.
New SEC standards introduced this quarter may allow multiple crypto ETFs to list simultaneously. This would remove the need for the lengthy 19b-4 approval process.
However, the recent U.S. government shutdown disrupted this progress. The SEC missed its October 2 deadline to decide on Canary’s Litecoin ETF. While the SEC’s new S-1 framework removes strict timelines, it also adds uncertainty.
Canary’s Strategy and Market Impact
Canary’s updated filings show its persistence in navigating changing regulations. Lower fees and a broader ETF lineup position the firm to compete with issuers like Bitwise. Bitwise recently set a 0.20% fee for its Solana ETF.
Canary’s progress with XRP and Solana ETFs builds on its delayed Litecoin ETF. This reflects a strategic push rather than a setback. The firm focuses on multi-asset approvals under the new SEC administration.
If the SEC approves crypto ETFs in batches as expected, Canary could be among the first to launch under the new process. This would mark a key moment for regulated digital-asset products.
Canary’s persistence highlights a larger trend: crypto ETFs are becoming inevitable. This signals the next phase of institutional adoption in the crypto market.
