Canary Capital Registers Marinade-Powered Solana ETF in Delaware

Canary Capital, an emerging TradFi firm, has registered its Marinade-powered Solana staking ETF in Delaware. 

While the firm originally incorporated the trust in October 2024, the registration now reflects the recent name change to its new name: the Canary Marinade Solana ETF.

With Marinade Select enjoying consistent growth and the SEC paving the way for greater clarity around staking regulation, Solana ETF approvals have never looked more promising.

Canary Capital Joins TradFi Heavyweights in Delaware

On June 10th, Marinade Finance shared that Canary Capital’s statutory trust, the “Canary Marinade Solana ETF” had been successfully registered in the state of Delaware.

Though Canary Capital’s trust was incorporated in October 2024 ahead of its original filing, it appears that the Delaware Department of State has updated its records. 

The Division of Corporations now refers to the trust as the Canary Marinade Solana ETF, marking the first instance of a staking provider being included in the name of a U.S.-based ETF filing.

Marinade Select TVL Crosses $19M

Offering a curated list of KYC-verified, SOC-2 compliant validators, Marinade Select is positioning itself to attract the significant inflows of capital expected following the SEC’s approval of Solana ETFs.

Since launch, Marinade Select has already amassed over 112k $SOL, currently valued at $19.6M USD. With TradFi firms like Canary Capital already committed to allocating funds from its Solana ETF upon approval, Marinade Select could witness an influx of capital as other firms rush to find institutional-grade staking providers.

Alongside Canary Capital, it is possible that fellow TradFi firm Bitwise could seek to collaborate with Marinade for staking services in the United States. In December 2024, Bitwise launched its Solana Staking ETP ($BSOL) in Europe, with Marinade as its official staking partner.

In a recent interview with SolanaFloor, Phase Labs co-founder Seb Montgomery stipulated that the inclusion of staking rewards was critical to the success of Solana ETFs following approval. 

“On Solana, people can have their $SOL staked and they can earn inflationary rewards on that $SOL and they don't get diluted due to the network's production of additional $SOL by block rewards” - Seb Montgomery, Phase Labs co-founder.

One of the proposed reasons for underwhelming inflows to existing Ethereum ETFs is that these funds currently do not include staking rewards, meaning that holders are continually diluted and lose value against $ETH stakers.

“We Should Not Automatically Fear the Future” - SEC Chair

On June 9, the SEC’s Crypto Task Force held a roundtable discussion titled “DeFi and the American Spirit”. The aptly named event sought to unite policymakers to highlight parallels between DeFi and American values like economic liberty and private property rights. 

During the event, SEC Chair Paul Atkins remarked that, while the federal agency’s declaration that staking activities were not considered ‘securities transactions’, the SEC “cannot stop there.”

Lamenting the previous administration’s regulation-by-enforcement approach, Atkins has voiced his support for more progressive policies in the U.S.

“I do not believe that we should allow century-old regulatory frameworks to stifle innovation with technologies that could upend, and most importantly, improve and advance our current, traditional intermediated model. We should not automatically fear the future.” - Paul Atkins, SEC Chair

According to PolyMarket odds at the time of writing, markets dictate that Solana ETFs have a 79% chance of being approved in 2025.

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