Canary Capital Strengthens Solana ETF Bid With Staking Partnership

Canary Capital has revised its application for a spot Solana ETF, signaling a more ambitious strategy by integrating staking features into the product.

The amended filing, recently submitted to the U.S. Securities and Exchange Commission (SEC), reflects a rebranded title — now the Canary Marinade Solana ETF — and a newly formed partnership with Marinade Finance, a key player in the Solana staking ecosystem.

The move marks a shift in ETF development as regulators slowly warm to the idea of staking integration, something previously excluded from Ethereum ETF proposals. Under the current SEC leadership, asset managers are finding room to revisit earlier frameworks and build out more advanced offerings — especially for altcoin-based funds.

Bloomberg analyst James Seyffart pointed out that the revised filing highlights Marinade’s role in enabling native SOL staking within the ETF structure. Marinade had previously hinted at a major collaboration via social media, now confirmed with this updated prospectus.

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Still, regulatory clarity remains elusive. The SEC recently delayed decisions on several crypto ETF applications, including those from 21Shares, Bitwise, and Canary itself. The next key deadline for Canary’s Solana ETF is August 17, with final rulings for all SOL ETFs expected by October 10 — a timeline that mirrors the pattern used for Bitcoin and Ethereum ETF approvals.

Seyffart believes the earliest window for a green light may arrive in late Q2, but realistically expects decisions to land in early Q4. Meanwhile, prediction markets remain bullish. According to Polymarket, there’s an 82% probability that a Solana ETF will be approved in 2025, though only an 18% chance of it happening before the end of July.

Adding fuel to that optimism, Bloomberg analysts now estimate a 90% chance of approval this year, citing the SEC’s evolving view of Solana as a commodity and the existence of regulated SOL futures on the CME.

Alexander Stefanov