Canary Capital Files First U.S. Solana ETF to Include Staking, Names Marinade as Exclusive Staking Provider

Marinade has been named the exclusive staking provider in Canary Capital’s newly filed Solana Staking ETF, the first in the U.S. to include staking. If approved, the ETF would offer investors exposure to SOL along with staking rewards, using Marinade Select, a product designed for institutional compliance and infrastructure needs.

Canary Capital’s amended S-1 filing marks the first time a staking solution has been explicitly named in a U.S.-based Solana ETF application.

Marinade Select: Designed for Institutions

The ETF will leverage Marinade Select’s non-custodial, SOC 2-compliant staking infrastructure. It offers delegation to KYC-verified validators under agreements covering uptime, operational security, and anti-MEV practices. The platform is structured to meet institutional risk and compliance standards while distributing stake across medium-sized validators to promote decentralization.

“Being selected as the exclusive staking provider for a U.S. Solana ETF is not just a milestone for us at Marinade, but a major achievement for compliant, institutional-grade staking as a whole,” said Michael Repetný, CEO of Marinade Labs.

Marinade Labs currently secures over 10 million SOL (~$2 billion) across its staking products, including Marinade Native and its validator auction platform.

Institutional Traction: Europe and Beyond

This is not Marinade’s first institutional partnership. In December 2024, Bitwise Europe launched the $BSOL Solana staking ETP on Xetra in collaboration with Marinade, positioning itself ahead of rivals like 21Shares and VanEck. Bitwise has since expressed interest in launching a similar ETF in the U.S., having registered a trust in Delaware.

Earlier in April 2024, Coinbase Prime also integrated Marinade’s mSOL, allowing institutional clients to access liquid staking while leveraging Coinbase’s custody infrastructure.

A Model for Institutional-Grade Staking

With Marinade Select now live, the platform offers a framework for institutions seeking compliant, transparent exposure to Solana staking. Its structure supports decentralization by directing stake toward medium-sized, performance-proven validators, while meeting operational standards required by compliance and treasury teams.

The inclusion of Marinade in a U.S. ETF filing reflects a broader shift toward regulated staking infrastructure as Solana moves further into institutional finance.

 

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