Canary Capital edges closer to SEC approval for Solana and XRP ETFs

Canary Capital is making significant progress toward introducing exchange-traded funds (ETFs) for Solana (SOL) and XRP, signaling renewed momentum in the U.S. crypto investment space.

The firm recently updated its filings for the Canary Marinade SOL ETF, which supports staking, and the Canary XRP ETF, disclosing a reduced 0.50% fee for both products. This marks a notable drop from the 0.95% sponsor fees previously set for Canary’s HBAR and Litecoin ETFs.

According to Bloomberg ETF analyst Eric Balchunas, the new filing – Amendment #6 for the Solana ETF – keeps staking rewards intact while offering a lower cost structure, positioning the fund as a competitive option for retail and institutional investors seeking exposure to SOL through traditional brokerage accounts.

Several crypto-focused ETFs, including funds tracking Dogecoin (DOGE) and Litecoin (LTC), are also awaiting regulatory approval, following changes in SEC leadership that have signaled a more crypto-friendly approach. The agency has introduced clearer listing standards, which could shorten the timeline for ETFs to go live, bypassing the historically lengthy 19b-4 approval process.

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While the U.S. government shutdown last week created temporary delays, market observers expect the SEC to resume evaluating crypto ETF applications soon, potentially grouping single-product ETFs like SOL and LTC for simultaneous consideration. Sources indicate that the current focus remains on updating and finalizing registration statements rather than setting strict deadlines.

With staking benefits preserved and fees lowered, Canary Capital’s ETFs could attract investors looking for both cost-efficient and yield-generating crypto exposure. If approved, these funds would represent another step toward integrating major digital assets into mainstream investment channels.