Crypto asset manager Canary Capital has filed for a spot Solana exchange-traded fund (ETF) with the United States securities regulator — following the lead of VanEck and 21Shares.

The spot Solana ( SOL ) ETF would track SOL’s price through the Chicago Mercantile Exchange CF Solana index — a real-time price benchmark product, Canary explained in an S-1 registration statement filed on Oct. 30.

Canary’s proposed spot Solana ETF would allow investors to access the Solana market through a traditional brokerage account without potential barriers to entry or risks involved with holding SOL directly. 

Solana has been considered the next cryptocurrency to have a spot ETF approved by the SEC, following Bitcoin ( BTC ) and Ether ( ETH ) in January and July.

Canary’s spot Solana ETF filing with the Securities and Exchange Commission. Source: SEC

Asset managers VanEck and 21Shares are the other two asset managers that have filed for a US spot SOL ETF on June 27 and 28, respectively.

A spot SOL ETF is also on Franklin Templeton’s radar.

Canary did not disclose who the custodian of the spot SOL ETF would be, nor did it state what ticker the fund would be listed under.

The firm’s latest filing comes after Canary Capital submitted S-1s for a spot XRP ETF on Oct. 8 and then a spot Litecoin ETF a week later on Oct. 15. 

Related: Bitcoin ETF security concerns mount after FBI warns of North Korean hackers

Solana’s price saw a minor spike on the news but is still down 2.3% over the last day to $174.6, CoinGecko data shows.

In an Oct. 29 post, Canary noted that Solana has strongly eclipsed both Ethereum and the Binance Chain in active address market share, even when accounting for layer 2 chains.

Canary was founded by former Steven McClurg, one of the founders of Valkyrie Funds and former managing director of Mike Novogratz’s Galaxy Digital.

“We founded Canary to lead the way for the next iteration of actively managed and passive crypto-related offerings with a focus on risk management and adaptive, strategic foresight,” the company said on Oct. 1 after launching the Canary HBAR Trust — its first trust offering.

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