SEC acknowledges Solana ETF application by Canary Capital

The U.S. Securities and Exchange Commission (SEC) has officially acknowledged a Solana ETF application submitted by Canary Capital. This is in line with the acknowledgment of Grayscale’s Solana ETF application, which was made in the previous month. 

SEC ACKNOWLEDGES FILING FOR CANARY SPOT SOLANA ETF

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The U.S. Securities and Exchange Commission (SEC) has also initiated a comment period for a 21-day period. This will be followed by either approval, rejection, or an extension of the duration of review by the agency. The filing comes amidst a rising number of crypto-related ETFs aiming to gain state approval. Compared to the previous years, many expect a more favorable stance from the SEC compared.

The application resembles one that was used for Bitcoin ETFs, which were previously approved. According to market analysts, Grayscale’s Solana ETF, which is slightly ahead in the process of review, may serve as a precedent for future ETF applications, including that of Canary.

Institutional players enter the Solana ETF race

Cboe BZX Exchange has also filed rule changes to list spot Solana ETFs from various issuers, such as 21Shares AG, Bitwise, Van Eck, and Canary Capital. The filings represent a notable move toward the introduction of the altcoin ETFs in the conventional financial markets.

Franklin Templeton has also entered the race by filing documents for a Delaware Solana Trust. The firm had in the past reported a positive outlook on Solana regarding its growing adoption and use cases. Like other issuers, Franklin’s filing hints it could soon submit a full ETF application.

Interest in Solana from institutions is still rising. As previously reported by Cryptopolitan, JPMorgan estimates that an approved Solana ETF could attract $3bn to $6bn in net assets within its first year. Some experts believe this will also fast-track the adoption of other altcoin ETFs, including XRP and Dogecoin.

James Seyffart and Eric Balchunas, Bloomberg ETF analysts, estimate a 70% chance of Solana ETFs receiving approval this year. They base their analysis on the SEC’s changing stance on digital assets.

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