Canary Capital Has Revised Its Application for a Spot Solana ETF, Signaling a More Ambitious Strategy by Integrating Staking Features into the Product

The amended filing, recently submitted to the U.S. Securities and Exchange Commission (SEC), reflects a rebranded title — now the Canary Marinade Solana ETF — and a newly formed partnership with Marinade Finance

Canary Capital has adjusted its application for a spot Solana ETF, integrating staking features into the product in a move that underscores a more ambitious strategy by the firm.

The amended filing with the U.S. Securities and Exchange Commission reflects a rebranded title — now the Canary Marinade Solana ETF — and a partnership with Marinade Finance for the endeavor.

“Canary Capital has amended its application for a spot Solana ETF to include staking capabilities, showcasing the evolving landscape of ETF development,” said Seyffart.

The move marks a shift in ETF development as regulators are slowly warming up to the idea of including staking in these products, something that was previously excluded, at least in the initial proposals for an Ethereum ETF. However, with the current leadership at the SEC, asset managers are finding room to revisit earlier frameworks and build out more advanced offerings, especially for altcoin-based funds.

As noted by James Seyffart, an analyst at Bloomberg, the revised filing details how Marinade will be instrumental in facilitating native SOL staking within the ETF structure.

Earlier, Marinade had teased a major partnership on social media, which is now confirmed with this updated prospectus.

“The SEC has been notoriously slow to approve any spot cryptocurrency ETFs, despite years of applications and a rapidly growing industry demand,” added Seyffart.

Earlier this year, the SEC pushed back the approval timeline for several crypto ETFs, including those from 21Shares, Bitwise, and Canary itself.

The next key date for Canary’s Solana ETF is August 17, with final rulings on all SOL ETFs expected by October 10. This timeline mirrors the pattern used for Bitcoin and Ethereum ETF approvals.

Seyffart believes the earliest window for a green light may open in late Q2, but he personally anticipates decisions to be made in early Q4.

Meanwhile, prediction markets remain optimistic. According to Polymarket, there is an 82% probability of a Solana ETF being approved in 2025, although only an 18% chance of it happening before the end of July.

Adding to that optimism, Bloomberg analysts estimate a 90% chance of approval this year, considering the SEC’s evolving view of Solana as a commodity and the availability of regulated SOL futures on the CME.