Cryptocurrency investment firm Canary Capital has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) to register an exchange-traded fund (ETF) tied to the price of Solana (SOL), offering access via a trust.

Details about the fund’s custodian and administrator have not yet been disclosed.

“The decentralized finance ecosystem of Solana demonstrates consistent blockchain activity due to its high number of daily transactions, active addresses, and user-friendly low fees,” Canary Capital stated.

Current Market Standing of Solana

SOL ranks fifth in market capitalization on CoinGecko, with a market value of $82.23 billion. The token is currently trading at $174, which is 32.7% below its all-time high of approximately $260, achieved three years ago.

Broader ETF Expansion

In October, Canary Capital also filed applications for ETFs focused on XRP (Ripple) and Litecoin. Additionally, in June, investment firm VanEck submitted a proposal to the SEC for an ETF linked to Solana.