Canary Capital Updates SEC Filing for Solana ETF with Staking

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Canary Capital has submitted an updated S1 application with the SEC for a Solana ETF that would include both holding and staking SOL tokens. The firm had initially filed for a spot SOL ETF in October 2024.

ETF Structure and Staking

The Canary Marinade Solana ETF is an exchange-traded product, that issues shares, which trade on the Cboe BZX Exchange. Its main goal is to track the price of SOL held by the trust, while a secondary goal is to earn additional SOL through staking in Solana’s proof-of-stake network. The ETF calculates its net asset value (NAV) using the CoinDesk Solana pricing benchmark.

Canary Capital Group sponsors the Trust, while CSC Delaware Trust Company serves as trustee, U.S. Bancorp Fund Services manages transfers and cash custody, and BitGo Trust Company is the custodian for the trust, which securely holds all of the Trust’s Solana.

Staking SOL To Earn Rewards

The ETF plans to stake most of its SOL through staking providers, initially using Marinade Finance, earning staking rewards that will be added to the fund. Some SOL is held aside to cover redemptions, expenses, or protect the fund’s assets.

The Trust is designed to make investing in SOL easier and safer for traditional investors. The Trust also avoids using derivatives, reducing counterparty and credit risks. Essentially, it provides a simpler, regulated path to invest in Solana.

This comes as the U.S. SEC has introduced new rules that make it easier for cryptocurrency-based exchange-traded products (ETPs) to get listed.

Previously, each crypto ETF needed individual approval, which could take over 240 days. Now, if a fund meets certain criteria, exchanges like the NYSE, Nasdaq, or Cboe can list it directly, speeding up the process and opening the door for faster market access.

Solana Leads the ETF Race

Experts see a strong finish for Solana this year as institutional interest continues to grow.

Several prominent asset managers, including Bitwise, Grayscale, VanEck, Fidelity, and Invesco/Galaxy, have filed to launch spot Solana ETPs. The SEC is expected to make a decision by October 10, 2025, which could open the door for a wave of new Solana investment products.

Notably, with 16 filings, Solana is currently leading the pack among 96 crypto ETF applications, positioning it at the forefront of the market for the final quarter of the year.

The Canary Marinade Solana ETF represents a growing trend of staking-enabled crypto ETFs, offering investors regulated exposure to Solana while participating in staking rewards.