Steven McClurg, a former co-founder of Valkyrie Funds, has recently established Canary Capital Group, a digital asset investment firm that has taken another move toward establishing itself as a leader in the spot crypto ETF market in the United States.
The firm submitted a Form S-1 registration statement to the U.S. Securities and Exchange Commission (SEC) on October 30, a critical step in the process of offering securities to the public under the Securities Act of 1933. This filing was Canary’s initial attempt to introduce a spot Solana (SOL) ETF.
The Form S-1 is a comprehensive document that includes information regarding the company’s financials and the provisions of the security offering. The firm must also submit Form 19b-4, a filing that signifies a proposed rule change to the exchange where the ETF would be listed, in order to advance the application to the next phase of regulatory review. Despite the significance of this milestone, the firm must also submit.
With this filing, Canary Capital aligns itself with VanEck and 21Shares, which submitted comparable filings on June 27 and June 28, respectively. Franklin Templeton has also reportedly contemplated joining the list of firms that are proposing a spot SOL ETF.
The CME CF Solana Index, a real-time benchmark for SOL’s market price, is the mechanism by which the proposed spot Solana ETF anticipates the SOL price. The ETF would provide investors with a conventional brokerage route to enter the Solana market by tracking this index, potentially reducing direct asset custody risks and reducing entry barriers.
Following the recent approvals of Bitcoin and Ethereum spot ETFs in January and July, Solana has been identified as the next significant cryptocurrency that is likely to receive a spot ETF greenlight from the SEC.
The firm submitted Form S-1 registration statements for its spot XRP ETF and spot LTC ETF on October 8 and 15, respectively.
$SOL is currently trading at approximately $179.01, a 0.5% decrease from the previous 24-hour period, as of 7:37 a.m. UTC on October 21.
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