Canary Capital has applied for a spot ETF based on Solana

Crypto investment company Canary Capital has filed an S-1 filing with the US Securities and Exchange Commission (SEC) to register a Solana-based spot ETF.

According to the document, the firm intends to "provide access to the price of Solana (SOL) held by the Trust."

The custodian and administrator of the product are not specified.

"Solana's advanced DeFi ecosystem ensures sustainable on-chain activity, as evidenced by the number of daily transactions, active and new addresses, while maintaining low fees for users," the company said.

SOL ranks fifth by market capitalization on CoinGecko with $82.23 billion. The asset is trading around $174, down 32.7% from its three-year-ago ATH of around $260.

In October, Canary Capital filed similar applications to launch spot ETFs based on XRP from Ripple and Litecoin.$BTC $ETH $SOL