Canary Capital Registers Canary Marinade Solana ETF In Delaware

Canary Capital has registered the Canary Marinade Solana ETF in Delaware. This registration follows the company’s amendment to its S-1 filing with the U.S. Securities and Exchange Commission (SEC).

The amendment introduced staking as a feature of the ETF, with Marinade Finance named as the exclusive staking provider. This makes it the first U.S.-based Solana ETF application to include staking services, offering potential rewards to investors.

Canary Capital’s Canary Marinade Solana ETF Focus

Canary Marinade Solana ETF is a recently registered ETF that lets investors get exposure to Solana (SOL) while participating in staking rewards.

Solana’s proof of stake mechanism has staking as a key feature which rewards token holders for locking up their tokens in order to help secure the network. The staking operations of the ETF will be handled by Marinade Finance, which is famous for its institutional grade staking platform.

Additionally, the platform, Marinade Select , which supports the staking operations complies with SOC 2 standards. Additionally, the platform provides non-custodial infrastructure, which means that the assets being staked won’t be under direct control of the ETF. However, assets will be assigned to KYC verified validators for verification, thus making the staking process safe and compliant with regulatory standards.

SEC Review Process and Pending Approval

While the registration of the Canary Marinade Solana ETF in Delaware is a step forward, the SEC has not yet approved the ETF. The SEC is still reviewing the application, and the approval process has been extended.

According to the latest update, the final decision on the ETF’s approval is now expected by July 24, 2025. The agency has been known to request additional time to thoroughly review applications, especially those involving new products such as ETFs with staking features.

In a market full of uncertainty, some analysts are speculating on the approval chances of a Solana ETF. As of June 2025, there is some market chatter regarding the approval of a Solana ETF in 2025. One of the speculative figures floating around is the possibility of the Solana ETF being approved by December 31, 2025, hitting 79%. The probability of this event happening is still unclear, and the chance of approval is being closely monitored by investors and market watchers.

Growing Institutional Interest in Solana ETFs

However, Canary Capital isn’t the only firm to file for a Solana ETF. At least nine firms have already applied to launch U.S. spot Solana ETFs by June of 2025. This aligns with the broader institutional interest in offering regulated products that expose investors to Solana, especially after the SEC cleared Bitcoin and Ethereum ETFs in 2024. Prominent firms including VanEck, 21Shares, and Fidelity are among those that have filed for their Solana ETFs.

VanEck was the first firm to file for a Solana ETF in June 2024, followed by 21Shares, which also filed for a Solana Staking ETP in Europe.

Other firms, including Bitwise and Grayscale, have joined the race, with Grayscale aiming to convert its existing Solana Trust into a spot ETF. The filings by these companies indicate that institutional interest in Solana, especially as a staking-enabled investment, is continuing to rise.