Canary Capital Group, a recently established digital asset investment firm led by former Valkyrie Funds co-founder Steven McClurg, has taken another step toward establishing itself as a leader in the spot crypto ETF market in the U.S.
On October 30, the firm filed a Form S-1 registration statement with the U.S. Securities and Exchange Commission (SEC), which is a critical step under the Securities Act of 1933 for companies seeking to offer securities to the public. This filing marked Canary’s first attempt at launching a spot Solana (SOL) ETF.
The Form S-1 contains comprehensive details about the company’s financials and the terms of the security offering. While this was an important milestone, the firm must also submit Form 19b-4—a filing that signals a proposed rule change to the exchange where the ETF would be listed, pushing the application into the next phase of regulatory review.
With this filing, Canary Capital positions itself alongside VanEck and 21Shares, which made similar filings on June 27 and June 28, respectively. Franklin Templeton has also reportedly considered joining the list of firms proposing a spot SOL ETF.
The proposed spot Solana ETF is designed to follow the SOL price via the CME CF Solana Index, a real-time benchmark for SOL’s market price. By tracking this index, the ETF would offer investors a traditional brokerage route to enter the Solana market, potentially easing entry barriers and minimizing direct asset custody risks.
Solana has been discussed as the next major cryptocurrency likely to have a spot ETF greenlit by the SEC, following recent approvals for Bitcoin and Ethereum spot ETFs in January and July.
On October 8 and 15, respectively, the firm filed Form S-1 registration statements for its spot XRP ETF and spot LTC ETF.
At the time of writing (7:37 a.m. UTC on October 21), $SOL is trading at around $179.01, down 0.5% in the past 24-hour period.
