- Canary Capital partners with Marinade for SOL staking in the ETF.
- SEC delays Solana ETF decision, approval likely by Q4 2025.
- Analysts predict 90% chance of approval for Solana ETFs in 2025.
Canary Capital has modified its filing for a Solana-based exchange-traded fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The firm has partnered with Marinade Finance to add staking to the Solana ETF as a core feature of the fund.
The filing with the SEC reveals that the ETF will now be known as the “Canary Marinade Solana ETF.” This name change comes after the partnership with Marinade Finance, a top decentralized finance (DeFi) protocol for Solana staking. The partnership adds staking rewards into the ETF structure to allow ETF holders to earn passive returns.
The partnership with Marinade Finance brings on-chain staking into a crypto ETF, which is a rare development in the U.S. Staking could attract investors who want to benefit from Solana’s price movements and rewards. Canary Capital uses Marinade’s staking protocol to make its product stand out in the competitive field of crypto ETFs.
SEC Delays Solana ETF Approval
The SEC recently delayed its decision on the Canary Solana ETF until August 17, with a final deadline set for October 10. The delay comes amid similar postponements for other crypto ETF proposals from 21Shares and Bitwise. Analysts predict that approval for the ETF is most likely to happen in early Q4 2025.
Bloomberg analysts predict a 90% probability for the SEC to approve the Solana ETF. Analysts believe that the SEC classification of Solana as a commodity and CME’s launch of a regulated futures market for SOL has boosted the optimism. The ETF has attracted interest because it offers staking rewards unlike other crypto ETFs.
Solana Price Action
Solana price was trading at $169, at the time of the announcement, which represents a 2% increase in the last 24 hours. The altcoin recently broke above $170 and reached a high of $171.68 on the same day. This demonstrates increased investors’ interest in Solana.
Polymarket Shows Investor Optimism in SOL ETF
The delay by the SEC has not dampened the optimism around Solana ETFs. Polymarket data shows 82% odds for approval of a SOL ETF in 2025, which indicates the market’s high expectations. As the SEC examines Solana-related products, the industry looks forward to a Solana ETF being approved in the next few months.
Canary Capital’s decision to amend its application matches broader efforts from asset managers who intend to strengthen their crypto ETFs. Staking rewards will position Canary Capital as a leader in the crypto investment space. As the approval process nears completion, investors will watch the progress of Solana ETFs.
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