Canary Capital Files for Solana ETF, Following XRP and Litecoin Applications – BitRss –

Crypto related exchange-traded funds (ETFs) are gaining traction. Following the approval of several Spot Bitcoin ETFs in the United States, Australia and Hong Kong, we had Ethereum ETFs start trading in several jurisdictions.

This was followed by a frenzy of activity around crypto-related ETFs. In early October, Canary Capital and Bitwise filed applications for a couple of XRP ETFs. Although these are seen as applications with a slim chance, as the fight between Ripple and the US Securities and Exchange Commission (SEC) rages on.

Related: Arthur Hayes Reveals How China Could Help Bitcoin Surge

And just two weeks ago Grayscale moved to convert its Digital Large Cap Fund. The fund which holds a basket of cryptocurrencies like Bitcoin, Ethereum, Solana, and others, has been trading since 2018 but not as an ETF but rather as an over-the-counter (OTC) product.

Securities exchange NYSE Arca has recently filed to list the fund, which holds US$565 million (AU$860 million) in assets under management (AUM), as an ETF.

And not to forget, the SEC has approved options trading on the US Spot Bitcoin ETFs, pending final approval by the Options Clearing Corporation (OCC) and the Commodity Futures Trading Commission (CFTC).

Canary Files for Three ETFs Within Weeks

Now, Canary Capital Group, a relatively young digital asset investment firm, is making headlines by filing for several crypto-related ETFs in a row.

The company, founded by former Valkyrie Funds co-founder Steven McClurg, submitted a filing on 15 October for a Litecoin ETF, just a week after it filed for an XRP ETF.

And now, less than two weeks later, they filed for a Solana ETF.

The company is so young it hasn’t even got any listed ETFs, according to Bloomberg ETF guru James Seyffart.

In a statement, Canary praised Solana as a “battle-tested frontrunner for decentralized applications”.

Solana’s robust DeFi ecosystem has led to strong sustained on-chain analytics as measured by transactions per day, active addresses and new addresses, while maintaining a low fee environment for all consumers.

Canary Capital Group

The firm believes that Solana can solidify its stronghold as one of the top crypto assets with “future growth in native on-chain stablecoin deployment”.

Related: Arthur Hayes Reveals How China Could Help Bitcoin Surge

The US doesn’t have any approved Solana ETFs thus far, with VanEck being the other applicant with a pending ETF there.

Another notable development for Solana exchange-traded products is the exchange-traded note (ETN) VSOL, a VanEck product, which now allows Europeans to earn staking rewards.

Meanwhile, Brazil had a Spot Solana ETF approved by the Brazilian Securities and Exchange Commission (CVM) in August.

The post Canary Capital Files for Solana ETF, Following XRP and Litecoin Applications appeared first on Crypto News Australia.