Canary Solana Trust in SEC Limbo: More Crypto ETF Drama Unfolds
Published Date: 5/23/2025
Notice
Summary
The Cboe BZX Exchange wants to start trading shares of the Canary Solana Trust, a new commodity-based investment. The SEC is now deciding whether to approve or reject this plan, with a decision expected by May 19, 2025. If approved, investors could soon buy and sell these shares, potentially opening new ways to invest in Solana-related assets.
Analyzed Economic Effects
2 provisions identified: 1 benefits, 0 costs, 1 mixed.
Potential New Solana Investment Shares
You could be able to buy and sell shares of the Canary Solana Trust if the SEC approves the Cboe BZX proposal. The Commission set May 19, 2025 as the date by which it would approve or disapprove the listing of these commodity-based trust shares.
Trust Structure, Pricing, and Creation Rules
If you invest in the Trust, its assets will consist only of SOL, cash, and cash equivalents and it will seek to track SOL using the CME CF Solana‑Dollar Reference Rate—New York Variant. The Trust will value its shares daily as of 4 p.m. ET, and when the Trust sells or redeems shares it will do so in cash transactions with authorized participants in blocks of 500 Shares.
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Key Dates
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Previous / Next Documents
Previous: 2025-09255 — Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change To List and Trade Shares of the VanEck Solana Trust Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
The SEC is deciding whether to approve the Cboe BZX Exchange’s plan to list and trade shares of the VanEck Solana Trust, a new commodity-based investment. This affects investors interested in Solana-related assets and could open up fresh trading opportunities soon. The decision is expected by May 19, 2025, and could impact how easily people buy and sell these shares.
Next: 2025-09257 — Self-Regulatory Organizations; NYSE Arca, Inc.; Notice of Filing of Amendment No. 3, and Order Instituting Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 3, To Amend Rules Regarding Position and Exercise Limits for Options on the Grayscale Bitcoin Trust and To Permit Flexible Exchange Options on the Grayscale Bitcoin Trust
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