SEC Delays 'Canary Marinade' Crypto ETF: What Even Is This?
Published Date: 8/19/2025
Notice
Summary
Cboe BZX Exchange wants to list and trade shares of the Canary Marinade Solana ETF, a new commodity-based fund. The SEC is taking extra time to review this change before giving the green light or a no-go. This affects investors interested in Solana-based ETFs and could open new trading opportunities once approved.
Analyzed Economic Effects
4 provisions identified: 3 benefits, 0 costs, 1 mixed.
Proposed Solana ETF Listing
The Cboe BZX Exchange filed a proposal to list the Canary Marinade Solana ETF, a fund that would hold spot SOL, under BZX Rule 14.11(e)(4). The Exchange filed the original proposal on January 28, 2025 and Amendment No. 1 on May 22, 2025; the Registration Statement on Form S-1 must be effective before Shares may trade. If approved, the fund would begin trading as an exchange-traded product that gives investors regulated access to SOL.
Trust May Stake SOL for Rewards
The Trust may stake all or a portion of its SOL through staking providers (the initial staking provider is intended to be Sous Vide Ltd. d/b/a Marinade Finance) and the Trust would receive all or a portion of staking rewards, which the Registration Statement says may be treated as income to the Trust. The Trust will disclaim incidental rights (for example, fork or airdrop assets) and will not include those incidental rights in NAV calculations.
Custody in Segregated Cold Storage
The Trust's SOL will be held by a third-party Custodian in segregated cold-storage SOL addresses that are verifiable on the Solana blockchain, and the custody agreement says the Custodian will not loan, hypothecate, pledge, or otherwise encumber the Trust's SOL without the Trust's instruction. The Custodian will safeguard private keys and record the Trust's SOL as the Trust's property.
Transparency, NAV, and Trading Mechanics
The Trust will calculate NAV once daily using the CME CF Solana‑Dollar Reference Rate at 4:00 p.m. ET, publish NAV and holdings daily on its website, and provide an Intraday Indicative Value (IIV) updated every 15 seconds during Regular Trading Hours; creations and redemptions will occur in cash in 500‑Share increments and the Trust requires at least 100,000 Shares outstanding at commencement of listing. Quotation and last-sale information will be disseminated through the Consolidated Tape Association.
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