Canary Capital has officially registered the Canary Marinade Solana ETF in Delaware, representing a significant advancement in crypto-linked investment products. The ETF is the first Solana exchange-traded fund based in the U.S. to propose staking as part of its structure. This follows an amended S-1 filing with the U.S. Securities and Exchange Commission (SEC), submitted earlier this month.
The application features Marinade Finance as its sole staking provider. Marinade’s institutional-level platform operates on Solana’s proof-of-stake model and upholds SOC 2 compliance. Investors can earn staking rewards without the ETF having direct control over the staked assets, as validators are certified according to Know-Your-Customer (KYC) standards.
The Canary Marinade Solana ETF provides investors the opportunity to gain exposure to Solana (SOL) while incorporating staking features. The process is consistent with Solana’s approach, allowing participants to lock their tokens to validate network transactions and earn rewards. Unlike conventional retail trading, the ETF uses Marinade Select, which is a strictly compliant and non-custodial infrastructure solution.
Marinade Finance manages a validator network committed to maintaining exceptional operational standards. The platform allocates stake to a collective of reliable validators and implements SOC 2 controls for data protection. This arrangement guarantees that investors earn rewards while their assets are protected by regulatory standards.
This filing positions the ETF as the first in the U.S. to combine Solana exposure with staking incentives. If approved, it would remove the need for retail investors to manage wallets or delegate tokens manually. That may appeal to traditional investors looking for regulated access to yield-generating digital assets.
Also Read: Best Solana Wallets to Secure Your SOL Tokens Today
Despite the Delaware registration, the Canary Marinade Solana ETF has not yet received SEC approval. The agency has postponed its review, establishing July 24, 2025, as the proposed deadline for a decision. The SEC has similarly delayed its decisions on multiple comparable filings, indicating the intricate nature of crypto ETFs that include staking.
Earlier in June, analysts estimated that the chances of a Solana ETF being approved by the end of 2025 are nearly 79%. This optimism is linked to Solana’s classification as a commodity and the presence of an active futures market. However, no decision is confirmed, and further extensions remain possible.
At least nine asset managers—VanEck, 21Shares, Bitwise, and Grayscale among them—have filed for spot Solana ETFs. VanEck's earliest request to list a Solana Staking ETP was filed in the United States in 2024, followed by 21Shares, which introduced a similar product in Europe. Grayscale intends to change its trust into an ETF. The increase in filings reflects growing institutional interest in Solana-linked financial products.