Canary Capital Nears SEC Nod on XRP, SOL ETFs Amid Shutdown Delay

TLDR

• Canary Capital submitted updated registration statements for its XRP and Solana ETFs.
• Both ETF filings now include a reduced sponsor fee of 0.50%.
• The Canary Marinade SOL ETF includes staking rewards with no cuts passed on to investors.
• Bloomberg analyst Eric Balchunas confirmed that Canary filed Amendment No. 6 for its Solana spot ETF.
• The SEC may group and approve crypto ETFs once government operations resume.

Canary Capital advanced its push for approval from the U.S. SEC by updating registration statements for its XRP and SOL ETFs. The firm filed amendments for the Canary XRP ETF and the Canary Marinade SOL ETF on Friday. Both filings disclosed a 0.50% fee, a decrease from its earlier 0.95% on other products.

XRP ETF Amendment Moves Forward

Canary Capital filed its latest amendment for the XRP ETF, signaling progress in the regulatory process. The revised filing reflects a reduced sponsor fee of 0.50%, aligning it with its latest SOL product. Previously, Canary Capital set higher costs for its HBAR and Litecoin ETFs.

The updated XRP ETF registration indicates that Canary Capital is adjusting its strategy to meet the evolving expectations of the SEC. The firm did not announce structural changes but emphasized cost efficiency for investors. Canary Capital remains one of the few firms advancing XRP-based ETF filings.

This move comes amid heightened attention on crypto assets, especially as regulatory timelines remain flexible. Canary Capital continues to update its statements as it navigates changes in agency leadership. With no imposed deadline, Canary Capital awaits the next step from regulators.

Canary Marinade SOL ETF Includes Staking

Canary Capital also filed a fresh amendment for its Canary Marinade SOL ETF, which includes staking rewards without deductions. Bloomberg’s Eric Balchunas wrote, “Canary just filed Amendment #6… with/ a 0.50% expense ratio but NO CUT of the Solana staking rewards.” This places Canary Capital in direct competition with Bitwise, which offers a 0.20% fee.

The filing details Canary Capital’s decision to pass full staking rewards to shareholders, unlike some competing funds. The 0.50% fee remains consistent across its latest offerings. Canary Capital aims to strike a balance between performance and regulatory clarity.

While the fund includes staking, Canary Capital did not change its core structure. The filing suggests Canary Capital wants fast-track approval under new standards. As Amendment #6 nears completion, the firm awaits the SEC’s action.

Canary Capital submitted these updates as the U.S. government shutdown continues, which delays several pending SEC decisions. The firm may benefit if the SEC batches approvals once government operations resume. Canary Capital is preparing its ETFs under new listing rules, avoiding the 19b-4 path.

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