Error during authentication for model o3-mini: Rate limited by Puter.js API. Try again after 60 seconds.
- Canary Capital amended its SOL ETF filing to include a staking provision.
- A Bloomberg ETF analyst stated that the regulator’s approval was ‘unlikely.’
Investment firm Canary Capital is seeking approval in the United States to launch an Exchange-Traded Fund (ETF) based on the cryptocurrency Solana (SOL), which includes a built-in staking feature. If accepted, this ETF could potentially enhance investor earnings.
As stated in the updated S-1 document filed with the Securities and Exchange Commission (SEC), the asset manager intends to partner up with Marinade Finance, providing its services as a staking partner.
This Canary Marinade Solana ETF is designed to produce income by directly investing in Solana (SOL) and earning staking rewards.
The goal of this Trust is primarily to offer opportunities related to the value of Solana (SOL), which it holds. An extra aim is for the Trust to potentially accrue more SOL by verifying transactions within the Solana network’s proof-of-stake (PoS) procedure.
SEC to punt SOL ETF staking?
Despite the fact that the SEC’s decision deadline on Canary Capital’s earlier SOL ETF application was in early June, there’s a possibility that the regulatory body might deny the staking request.
When queried about the possibility of approval in June, Bloomberg ETF analyst James Seyffart responded.
It seems unlikely, especially when considering staking, that the Securities and Exchange Commission (SEC) is currently prepared to allow staking within an ETF Grantor Trust wrapper. For now, it appears they are not ready for such a move.
Although there have been recent meetings between the SEC’s Crypto Task Force and stakeholders concerning ETFs (Exchange-Traded Funds) related to staking, tokenization, and other matters, the applications for spot ETH ETFs submitted by Bitwise and other applicants have yet to be approved.
Experts are optimistic that the Securities and Exchange Commission (SEC) might approve altcoin ETFs by either July or October.
That said, SOL’s mid-May cool-off was over, and it was ready to extend the Q2 recovery.
As a crypto investor, I’ve noticed that both the Cumulative Volume Delta (CVD) and Open Interest (OI) rates have been on a downward trend since May 15th. This suggests a decrease in demand for spot market trading and less speculative interest in derivative markets.
However, the CVD (Cardiovascular Disease) rate showed a stabilization with a slight uptick, which implies that active bidding in the spot market might have resumed. Yet, the question remains: Was this increase sufficient to surpass the $180 resistance level?
In the year 2024 and the beginning of 2025, the $180 mark has proven to be a significant barrier for price increase, also serving as the location of the 200-day Simple Moving Average.
Clearing the obstacle would allow bulls to target $220 — A potential +23% gain if hit.
Additionally, minimal selling pressure for SOL, as indicated by the Glassnode Profitability Map, suggested that the market wasn’t excessively hot. This condition might increase the likelihood of surmounting the $180 resistance level.
Read More
- The Last of Us season 2 confirms spring 2025 release on HBO
- Cookie Run: Kingdom Version 6.4 mid update brings Beast Raid, Boss Rush Season 2-2 and more
- Clair Obscur: Expedition 33 Ending—Maelle or Verso? All Endings and Twist Explained
- Netmarble announces Game Of Thrones: Kingsroad, with the open-world RPG coming to Mobile and PC in 2025
- Deadly Dudes Hero Tier List
- The Handmaid’s Tale season 6: Everything we know about the final season
- Mission: Impossible The Final Reckoning Review: An Adrenaline-Fueled Homage
- Original The Elder Scrolls IV: Oblivion Designer Says Bethesda’s Remaster Is So Impressive It Could Be Called ‘Oblivion 2.0’
- DreamHack Dallas meets IEM Dallas 2025: Everything to know and how to secure your tickets
- Clash Royale Best Boss Bandit Champion decks
2025-05-22 16:34