Canary Capital Updates S-1 Registration for Its Proposed Spot Solana ETF, Renaming It the 'Canary Marinade Solana ETF'

The updated filing introduces staking as a feature of the ETF, making it the first U.S.-based Solana ETF application to explicitly include a staking solution.

Canary Capital has filed an amended S-1 registration with the U.S. Securities and Exchange Commission (SEC) for its proposed spot Solana exchange-traded fund (ETF).

The updated filing, which can be viewed here, includes a renaming of the ETF to the ‘Canary Marinade Solana ETF’ and the addition of staking as a feature of the ETF. This makes it the first U.S.-based Solana ETF application to explicitly include a staking solution.

As such, the ETF would offer investors exposure to Solana (CRYPTO: SOL) as well as staking rewards generated through Marinade Select, which is being used by Canary Capital for this ETF application.

"We are excited to be working with Canary Capital on this groundbreaking initiative," said DefiChain (CRYPTO: DFI) founder and CEO, Giancarlo De Risio, who is also a partner at Marinade Finance.

"This ETF will provide a valuable opportunity for investors to participate in the Solana ecosystem and benefit from the staking yields offered by Marinade's industry-leading technology."

The ETF is still subject to SEC approval.

The ETF will track the price of Solana, while also aiming to generate additional returns in the form of staking yields. To facilitate this, Canary Capital will be using the services of Marinade Finance for institutional-grade staking solutions.

Specifically, Marinade Select will be providing staking services for the ETF. This service offering features SOC 2-compliant, non-custodial infrastructure and promotes network decentralization by spreading funds across 30-40 KYC-verified, elite baking services, meeting both institutional compliance requirements and ensuring optimal network decentralization.

"We are proud to be partnering with Canary Capital to bring the first-ever Solana ETF to market," said Nader Ovich, co-founder and COO of Marinade Finance.

"This ETF will provide U.S. investors with a unique and efficient way to invest in one of the fastest-growing blockchains in the world."

Marinade currently secures over 10 million SOL across its staking products. It previously partnered with Bitwise Europe and Coinbase Prime to offer crypto products in Europe.

SOL is currently trading at $169.08 at the time of writing, having dropped by 0.54% over the past 24 hours.