Canary Capital Rebrands Solana ETF with Marinade Partnership

Canary Capital has taken a bold step forward in the race to launch a Solana exchange-traded fund (ETF) in the U.S. The asset manager recently submitted an updated Solana ETF application to the U.S. Securities and Exchange Commission (SEC). 

The crypto ETF now has a new name and a significant partnership. This move comes as the SEC has put several crypto ETF applications on hold, including Canary’s own.

Canary’s Solana ETF Proposal Gets a DeFi Boost

The fund is now called the Canary Marinade Solana ETF, which shows its new partnership with Marinade Finance, a popular Solana staking platform. This deal would allow the ETF to include SOL staking, making it different from other fund applications.

Bloomberg analyst James Seyffart confirmed the news in a recent statement. He asserted that the Solana ETF rebranding is linked to Canary’s partnership with Marinade. This shows a growing trend of companies adding decentralized finance (DeFi) features to regular investment products. 

Marinade Finance gave clues about the partnership earlier this week, creating excitement before the official news.

SEC Delays Mount Across Crypto ETF Filings

Despite Canary Capital’s fresh update, the SEC has delayed its decision on the fund. The next review date is now August 17. This delay is part of a broader slowdown, as the Commission also postponed decisions on Solana ETF applications from 21Shares and Bitwise.

Meanwhile, Canada is on the verge of making history in cryptocurrency by becoming the first country to approve and launch spot Solana ETFs. 

Seyffart thinks the SEC will unlikely approve crypto ETFs like Solana or XRP before late June or early July. He believes a better chance for approval is in early Q4. This depends on market conditions and rules becoming more friendly to crypto-backed investment vehicles.

SOL and XRP ETFs Still Lead in Approval Odds

Even with the delays, the crypto community remains optimistic. According to Polymarket data, the XRP and Solana ETFs still have the most substantial chances of approval this year. Also, Pantera Capital is positive that Solana ETFs will be getting approval next. 

This follows recent delays in Grayscale’s Dogecoin and XRP ETF filings and 21Shares’ XRP ETF filings. Although the timeline is still uncertain, Canary Capital’s new filing and Marinade partnership might give it an advantage in the competitive crypto ETF market.

While the SEC is still deciding, the race to launch the first Solana ETF is getting more intense as Grayscale has also joined the growing list. 

At the same time, the market sentiment surrounding Solana (SOL) ‘s value is positive. According to CoinMarketCap data, the digital coin is trading at $170,32, up by 2.50% in the last 24 hours.