Mallika Mitra
2 min read
Canary Capital Group has amended its S-1 filing with the Securities and Exchange Commission for its Solana exchange-traded fund to name Marinade Select as its exclusive staking provider, reflected in the fund’s new name: Canary Marinade Solana ETF.
“To our knowledge, this is the first SOL ETF to name a staking provider in a filing,” a spokesperson on behalf of Canary told etf.com. In a statement posted to its website, Marinade called the move “a major milestone for Solana” and “a defining moment for institutional staking.”
Staking refers to a method in which crypto investors can earn rewards on their investments via a blockchain network.
Solana—the sixth-largest crypto asset by market capitalization (currently around $90 billion), according to data from CoinMarketCap—is a blockchain platform. SOL is its native token. Since the launch of spot Ether and Bitcoin ETFs, firms have been clamoring to bring a spot SOL ETF to the U.S. market.
Fidelity Investments, for example, is looking to debut an ETF that tracks the price of SOL, according to a 19b-4 form filed by Cboe Exchange with the SEC in March.
The first spot Solana ETF in North America launched in Canada last month.
The proposed fund from Canary would provide investors exposure to SOL while participating in the staking rewards generated through Solana’s proof-of-stake mechanism, according to Marinade’s announcement.
“To enable this, Canary Capital amended its S-1 filing to include solana staking and named Marinade Select as its exclusive staking provider, establishing a precedent-setting structure for compliant, yield-bearing crypto ETFs,” the firm added.
The fund intends to stake a portion of its assets through one or more staking providers, and Marinade Finance is expected to be the exclusive staking provider for at least two years, according to the filing.
