Canary Capital Shakes Up Crypto Markets With Unexpected Solana ETF Play

In a move that caught Wall Street off-guard, Canary Capital just dropped a bombshell update on its Solana ETF ambitions. The hedge fund’s latest filing reveals aggressive positioning in SOL derivatives—while traditional asset managers still debate whether crypto belongs in 401(k)s.

Market makers scrambled to adjust exposures as the news hit, triggering a 12% SOL price surge in Asian trading hours. "This isn’t your grandfather’s ETF strategy," quipped one Singapore-based trader, watching arbitrage bots go haywire.

The filing conspicuously avoids mentioning how they’ll handle Solana’s occasional network outages—because nothing says ’institutional-grade’ like praying to the validator gods during congestion periods.

TLDR

• Canary Capital has filed an amended version of its Solana ETF with the SEC.
• The fund’s name has been changed to Canary Marinade Solana ETF.
• The amendment reflects a new partnership with Marinade Finance for SOL staking.
• SOL staking will now be included as a feature within the ETF structure.
• The SEC has delayed its decision on the Solana ETF until August 17.

Canary Capital has filed an amended registration statement with the SEC for its solana ETF to reflect new staking features. The updated filing includes a revised name, now listed as “Canary Marinade Solana ETF,” following a partnership with Marinade Finance. The amendment introduces SOL staking as a core part of the ETF structure to enhance returns.

Marinade Partnership Reshapes Solana ETF

Canary Capital incorporated SOL staking by joining forces with Marinade Finance, a major Solana DeFi staking protocol. This partnership aims to integrate staking rewards into the SOL ETF while improving the fund’s overall performance. The name change highlights the collaboration and sets the ETF apart from other pending products.

The amended Solana ETF structure signals a strategic MOVE by the asset manager to strengthen its market offering. Marinade Finance hinted at the partnership in a recent post, building anticipation before the official SEC filing. Bloomberg analyst James Seyffart confirmed the amendment was directly tied to the new staking arrangement.

This adjustment marks a rare inclusion of on-chain staking in a proposed U.S. crypto ETF. The Solana ETF’s revised structure may appeal to market participants seeking exposure to staking rewards. Canary Capital aims to offer a more competitive and diversified product through this new structure.

SEC Delays Solana ETF Decision Again

Despite the amendment, the SEC has postponed its decision on the Solana ETF until at least August 17. This delay follows similar extensions for other crypto ETF filings, including those from Bitwise and 21Shares. The agency has yet to approve any SOL-based ETF product this year.

Seyffart noted that approvals may not come before late June or early July, depending on SEC timelines. He added that early Q4 remains the most probable window for final decisions. The Solana ETF remains under review amid a broader wave of crypto ETF proposals awaiting regulatory clarity.

XRP and Dogecoin ETFs Also Face Delays

The SEC has extended review periods for Grayscale’s Dogecoin and XRP ETF filings, citing standard review procedures. 21Shares also awaits a decision on its XRP ETF application, which remains pending after recent delays. These delays reflect a broader trend of cautious regulatory assessments across all crypto ETF proposals.

According to Polymarket data, the SOL ETF and XRP ETFs currently show the strongest probability of approval this year. However, no official timeline guarantees immediate regulatory clearance for any proposed crypto fund. Market participants continue to monitor updates while awaiting formal decisions from the Commission.