- Canary Capital amended its SOL ETF filing to include a staking provision.
- A Bloomberg ETF analyst stated that the regulator’s approval was ‘unlikely.’
Asset manager Canary Capital has applied for a U.S. spot Solana [SOL] ETF (exchange-traded fund) with a staking feature, to increase investor returns if approved.
According to the amended S-1 filing with the Securities and Exchange Commission (SEC), the asset manager will collaborate with Marinade Finance as a staking provider.
The trust, Canary Marinade Solana ETF, will generate revenue through direct SOL exposure and staking rewards.
“The Trust’s investment objective is to seek to provide exposure to the price of SOL held by the Trust… A secondary investment objective is for the Trust to earn additional SOL through the validation of transactions in the SOL network’s proof-of-stake (PoS) process.”
SEC to punt SOL ETF staking?
Although the SEC’s decision deadline for Canary Capital’s previous SOL ETF application was in early June, the regulator may reject the staking request.
When asked whether the agency would approve it in June, Bloomberg ETF analyst James Seyffart stated,
“Unlikely, particularly with staking. SEC isn’t ready for staking in the ETF Grantor Trust wrapper … at least not yet.”
Despite recent roundtable discussions between the SEC’s Crypto Task Force and stakeholders on ETF staking, tokenization, and other issues, recent requests for spot ETH ETF by Bitwise and other issuers have been delayed.
However, experts were hopeful that the SEC greenlight on altcoin ETFs may be likely from July or October.
That said, SOL’s mid-May cool-off was over, and it was ready to extend the Q2 recovery.
Both spot CVD (Cumulative Volume Delta) and Open Interest (OI) rates declined from the 15 of May, reflecting a dip in spot market demand and speculative interest in derivative markets.
Source: Coinalyze
But spot CVD stabilized and slightly rebounded, suggesting spot market bidding was back. But was it enough to crack the $180 overhead hurdle?
The $180 level has been a key resistance in 2024 and early 2025, and doubled as the 200-day SMA (Simple Moving Average).
Source: SOL/USDT, TradingView
Clearing the obstacle would allow bulls to target $220 — A potential +23% gain if hit.
Besides, there was relatively low SOL profit-taking, and the market was not overheated per the Glassnode Profitability Map. This could boost the odds of cracking the $180 resistance.
Source: Glassnode
