# 2025-15732: SEC Delays 'Canary Marinade' Crypto ETF: What Even Is This?

2025-15732, Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of Amendment No. 1 and Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To List and Trade Shares of Canary Marinade Solana ETF Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares, is a Federal Register notice from Securities and Exchange Commission published 2025-08-19; PRIA reads it as touching household money (as of 2026-06-08).

- Canonical: https://policyrisk.com/federal-register/2025-15732
- As of: 2026-06-08
- Plain-text twin of the page above; the HTML and this file carry the same facts.

## Facts
- Document number: 2025-15732
- Title: Self-Regulatory Organizations; Cboe BZX Exchange, Inc.; Notice of Filing of Amendment No. 1 and Designation of a Longer Period for Commission Action on Proceedings To Determine Whether To Approve or Disapprove a Proposed Rule Change, as Modified by Amendment No. 1, To List and Trade Shares of Canary Marinade Solana ETF Under BZX Rule 14.11(e)(4), Commodity-Based Trust Shares
- Type: Notice
- Agencies: Securities and Exchange Commission
- Citation: 90 FR 40429
- Published: 2025-08-19
- Effective: unknown
- Comments close: not stated
- Significant: no
- Touches household money: yes
- Regulation identifier numbers: none
- Last updated: 2026-06-08

## In one line

SEC Delays 'Canary Marinade' Crypto ETF: What Even Is This?

## 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.

## Effects PRIA read

- Proposed Solana ETF Listing: benefit, medium. 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 befo…
- Trust May Stake SOL for Rewards: mixed, medium. 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 Tru…
- Custody in Segregated Cold Storage: benefit, medium. 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…
- Transparency, NAV, and Trading Mechanics: benefit, low. 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…

## Related documents

- [2026-20466](https://policyrisk.com/federal-register/2026-20466): Adviser and Regulated Fund Custody Rules; Crypto Custody Rules, 2026-10-06
- [2026-19260](https://policyrisk.com/federal-register/2026-19260): Rescission of Rule 14a-8's Federal Regulation of Shareholder Proposals and Amendments to Rule 14a-4, 2026-09-21
- [2026-18424](https://policyrisk.com/federal-register/2026-18424): Political Contributions by Certain Investment Advisers, 2026-09-10
- [2026-18190](https://policyrisk.com/federal-register/2026-18190): Transfer Agent Rules, 2026-09-04
- [2026-17183](https://policyrisk.com/federal-register/2026-17183): Regulation Crypto Assets, 2026-08-21
- [2026-12163](https://policyrisk.com/federal-register/2026-12163): The Trade-Through Rule and Locked and Crossed Markets Provisions of Regulation NMS, 2026-06-17

## Sources
- [2025-15732 on federalregister.gov](https://www.federalregister.gov/documents/2025/08/19/2025-15732/self-regulatory-organizations-cboe-bzx-exchange-inc-notice-of-filing-of-amendment-no-1-and)
- [2025-15732 as published (PDF)](https://www.govinfo.gov/content/pkg/FR-2025-08-19/pdf/2025-15732.pdf)

## Related
- [Previous: 2025-15731, Self-Regulatory Organizations; New York Stock Exchange LLC; Notice of Filing an…](https://policyrisk.com/federal-register/2025-15731)
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- [All Federal Register documents](https://policyrisk.com/federal-register)

Source: PRIA, https://policyrisk.com/federal-register/2025-15732 (as of 2026-06-08).