Canary Capital has submitted an updated S1 application with the SEC for a Solana ETF that would include both holding and staking SOL tokens. The firm had initially filed for a spot SOL ETF in October 2024.
ETF Structure and Staking
The Canary Marinade Solana ETF is an exchange-traded product, that issues shares, which trade on the Cboe BZX Exchange. Its main goal is to track the price of SOL held by the trust, while a secondary goal is to earn additional SOL through staking in Solana’s proof-of-stake network. The ETF calculates its net asset value (NAV) using the CoinDesk Solana pricing benchmark.
Canary Capital Group sponsors the Trust, while CSC Delaware Trust Company serves as trustee, U.S. Bancorp Fund Services manages transfers and cash custody, and BitGo Trust Company is the custodian for the trust, which securely holds all of the Trust’s Solana.
Staking SOL To Earn Rewards
The ETF plans to stake almost all of its Solana tokens through approved staking providers to earn rewards, while keeping a small portion aside to handle redemptions, expenses, or protect the fund. The staking rewards earned will go to the Trust, boosting its value. For this ETF, the first staking provider it will use is Sous Vide Ltd. (Marinade Finance).
The Trust is designed to make investing in SOL easier and safer for traditional investors. The Trust also avoids using derivatives, reducing counterparty and credit risks. Essentially, it provides a simpler, regulated path to invest in Solana.
The Canary Marinade Solana ETF represents a growing trend of staking-enabled crypto ETFs. The REX-Osprey Solana + Staking ETF, launched in July 2025 on the Cboe BZX Exchange, was the first U.S.-listed ETF to combine spot Solana exposure with staking rewards.
This comes as the U.S. SEC has introduced new rules that make it easier for cryptocurrency-based exchange-traded products (ETPs) to get listed.
Previously, each crypto ETF needed individual approval, which could take over 240 days. Now, if a fund meets certain criteria, exchanges like the NYSE, Nasdaq, or Cboe can list it directly, speeding up the process and opening the door for faster market access.
Solana Leads the ETF Race
Experts see a strong finish for Solana this year as institutional interest continues to grow.
Several prominent asset managers, including Bitwise, Grayscale, VanEck, Fidelity, and Invesco/Galaxy, have filed to launch spot Solana ETPs. The SEC is expected to make a decision by October 10, 2025, which could open the door for a wave of new Solana investment products.
Notably, with 16 filings, Solana is currently leading the pack among 96 crypto ETF applications, positioning it at the forefront of the market for the final quarter of the year.
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FAQs
The Canary Marinade Solana ETF is a regulated investment fund that tracks Solana’s price and stakes its holdings to earn rewards, offering a simpler way to invest in SOL.
The ETF stakes most of its SOL through a provider like Marinade Finance. This earns staking rewards, which are added to the fund, potentially increasing its value over time.
The SEC is expected to decide on several spot Solana ETF applications, including Canary Capital’s, by around October 10, 2025. Approval is not guaranteed.
It provides a safer, regulated way for traditional investors to gain exposure to Solana without directly holding the asset, simplifying the investment process.
