Canary Capital has submitted the first application for a Solana Staking Exchange-Traded Fund (ETF) in the United States, incorporating Marinade Finance’s staking protocol. This novel ETF structure aims to provide investors with exposure to Solana’s price movements combined with staking rewards generated through the integrated protocol.
Marinade Finance’s protocol, central to the ETF’s operation, utilizes a diversified set of 30-40 pre-vetted validators adhering to SOC 2 security standards. This approach is designed to mitigate custodial risks and simplify the staking process for investors accessing the fund.
The U.S. Securities and Exchange Commission (SEC) is currently reviewing the application. Industry analysis indicates an 82% probability of approval by late 2025, bolstered by Solana’s classification as a commodity and the existence of established Solana futures markets.
If approved, the ETF could significantly broaden access to crypto assets by merging the yield potential of staking with the convenience and regulatory oversight of a traditional exchange-traded fund. This combination is anticipated to attract both institutional and retail investors seeking streamlined exposure.
Approval of this Solana Staking ETF is also viewed as potentially setting a significant precedent, paving the way for future investment products that integrate blockchain-native technologies like staking into mainstream financial offerings.