TechFlow news, October 31 — According to Decrypt, U.S. asset management firm Canary Capital has filed an application with the U.S. Securities and Exchange Commission (SEC) for a spot Solana ETF, becoming the third institution to apply for a SOL ETF following VanEck and 21Shares. Headquartered in Nashville, Canary Capital was established in September 2024 and previously filed applications to launch XRP and Litecoin ETF products.
Solana's current market capitalization stands at $82 billion, with a price of approximately $175, reflecting a surge of over 400% in the past year. Analysts believe that after the approval of Bitcoin and Ethereum ETFs, a Solana ETF will eventually be approved as well, though the timing may depend on the outcome of next week's U.S. election and the tenure of SEC Chair Gary Gensler.
