As a seasoned investor with a penchant for crypto and a knack for spotting opportunities, I find Canary Capital’s pursuit of a Spot Solana ETF to be an exciting development. Having closely followed their activities since their inception in 2017, I’ve come to appreciate their proactive approach towards the crypto space. Their recent applications for XRP and Litecoin ETFs were a testament to this, and the Solana ETF seems like a natural progression.
Investment company Canary Capital has just submitted an application for a Solana-based ETF in the U.S., mirroring the steps taken by investment firm VanEck, who filed their own application four months ago. This news was shared minutes ago on social media by Bloomberg ETF expert James Seyffart on platform X (previously known as Twitter).
Canary Capital Pursues Spot Solana ETF
Although Canary Capital doesn’t currently have a live cryptocurrency exchange-traded fund (ETF) in the US like larger issuers such as BlackRock, Fidelity, and Grayscale, their recent filing indicates that they are determined to join the crypto ETF market, given the growing interest observed over the past few months.
Located in Sydney since 2017, this asset management firm has been actively exploring different exchange-traded funds tied to cryptocurrencies. Recently, as we previously mentioned on Bitcoinist, they have filed similar applications for Exchange Traded Funds focusing on XRP and Litecoin.
In January, the U.S. Securities and Exchange Commission (SEC) granted approval to several Bitcoin Exchange-Traded Funds (ETFs), signifying a significant advancement in the realm of cryptocurrency investment within the United States.
12 Bitcoin-related funds received approval in July, which paved the way for Ethereum-based Exchange Traded Funds (ETFs). This move added more credibility to the crypto market.
Cryptocurrency Regulations In Flux
Even though these digital currencies, such as XRP, Solana, and Litecoin, have made significant strides, their future paths are still filled with questions because of ongoing discussions about whether they should be considered securities or commodities. This classification is crucial for obtaining the Securities and Exchange Commission’s (SEC) approval.
It remains uncertain if more investment companies will submit similar proposals for a Solana Exchange-Traded Fund (ETF) or choose to wait for more definitive regulatory instructions, considering the approaching U.S. presidential election.
The current contrasting positions of pro-Bitcoin candidate Donald Trump and Vice President Kamala Harris could influence the trajectory of cryptocurrency regulations, potentially affecting the approval process for these ETFs in the upcoming year.
At the time of writing, SOL trades at $175.
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2024-10-31 00:56