Canary Awaits SEC Greenlight on XRP And Solana ETFs Amid Shutdown

Canary Capital is edging closer to the U.S. Securities and Exchange Commission (SEC) approval for its XRP and Solana (SOL) exchange-traded funds after filing updated registration statements on Friday. 

The firm disclosed a 0.50% sponsor fee for both the Canary XRP ETF and the Canary Marinade SOL ETF, a reduction from the 0.95% set for its earlier HBAR and Litecoin products. Bloomberg ETF analyst Eric Balchunas noted that Canary’s Solana ETF includes staking but won’t distribute staking rewards, signaling final preparations for approval.

The filing comes as several issuers, including those pursuing DOGE and LTC funds, await regulatory clarity under new SEC Chair Paul Atkins, whose crypto-friendly stance has accelerated listing reforms. New standards introduced this quarter could let multiple crypto ETFs list simultaneously without the lengthy 19b-4 process.

However, the U.S. government shutdown has disrupted that momentum. The SEC missed its October 2 deadline for Canary’s Litecoin ETF decision, and while the agency’s new S-1 framework removes strict timelines, it also adds uncertainty. 

SEC readies crypto ETF batch approvals

Canary’s adjustments highlight its persistence in navigating the shifting regulatory landscape. The lowered fees and expanded ETF lineup position it to compete with issuers like Bitwise, which recently set a 0.20% fee for its Solana product, intensifying the race to attract retail and institutional investors seeking exposure to digital assets through regulated channels.

The firm’s progress with XRP and Solana builds on its delayed Litecoin ETF, reflecting a broader strategic push rather than a setback. By focusing on multi-asset approvals under the new administration, Canary is betting on efficiency and compliance as the SEC adapts to a more structured crypto market.

If the SEC batches pending crypto ETFs as expected, Canary could be among the first issuers to launch under the reformed process, marking a turning point for regulated digital-asset products. Its persistence through regulatory gridlock underscores a larger trend: crypto ETFs are shifting from speculation to inevitability, signaling the next phase of institutional adoption.

Also read: DTCC Adds Canary Trump Coin ETF (TRPC) to Listings

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