According to the fund’s registration statement on Form S-1, the ETF’s net asset value will be calculated based on the Chicago Mercantile Exchange’s (CME) Solana-Dollar CF benchmark rate. Despite strong competition from layer 1 blockchains and the Ethereum Virtual Machine (EVM), Canary Capital has named the Solana network as a leader in the creation of decentralized applications.
According to Canary Capital management, Solana has a strong and resilient ecosystem due to low fees, growth in the number of daily transactions, and an increase in the number of active and new addresses. The company believes that as stablecoins become more widespread, Solana will further strengthen its leadership position among competitors.
In early October, Canary Capital tried to obtain permission from the American regulator to launch an exchange-traded fund tied to XRP.
In addition to Canary Capital, there are other companies interested in the emergence of investment products related to the SOL cryptocurrency. This year, VanEck and 21Shares also filed to launch spot ETFs tied to Solana.
SOL ETFs are already approved in Brazil. In August, the Brazilian Securities and Exchange Commission (CVM) authorized the creation of this product, which, however, must receive additional approval from the Brazilian B3 stock exchange.
Source: Bits
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