VanEck, Canary Funds, and Fidelity rolled out competing products within a three-day window, expanding options beyond Bitcoin-focused investments.
Solana News
Solana exchange-traded funds from multiple issuers launched across U.S. exchanges this week as asset managers tested demand for products tied to altcoins and staking. VanEck, Canary Funds, and Fidelity rolled out competing products within a three-day window, expanding options beyond Bitcoin-focused investments.
VanEck's VSOL debuted Monday on exchanges with zero fees. Canary Capital followed Tuesday with SOLC, working with Marinade Finance to add on-chain staking within a commodity-trust structure. Fidelity's FSOL launched with a 0.25% annual fee, making it the first Solana product from a large traditional asset manager.
The new offerings follow Bitwise's BSOL and Grayscale's GSOL, which launched in late October. The cluster of launches arrives as issuers attempt to capture flows moving into chain-specific strategies, potentially meeting growing allocator interest in assets beyond Bitcoin's market dominance.
Bloomberg ETF analysts Eric Balchunas and James Seyffart noted the expected releases Monday evening. Alongside the Solana products, 21Shares submitted paperwork Monday for a Canton Network ETF tied to Canton Coin, marking one of the first attempts to package a token built around a permissioned chain into a regulated exchange-traded product.
Franklin Templeton filed an amended registration for its proposed spot XRP ETF earlier this month, updating the trust's preliminary prospectus and signaling continued progress toward approval. The filings reflect steady expansion in demand since the first non-Bitcoin spot products cleared regulatory review earlier this year.
Kanny Lee, CEO of secondary markets trading protocol SecondSwap, stated that seeing multiple altcoin ETFs launch simultaneously suggests issuers are testing how far post-Bitcoin appetite extends rather than responding to clear demand. He noted early flows can be misleading because they are often dominated by liquidity providers rather than long-term allocators.
Stan Low, operations and research lead at Grvt, characterized the exchange-traded products as byproducts of regulatory clarity and easing instead of market demand. The poor performance of altcoins and crypto ETFs indicates investor appetite, he noted, adding that applications began when market sentiment was more positive.
Flows into these ETFs may indicate risk appetite among investors higher up the risk-reward curve for altcoins, Low stated. The products could also provide insight into the staking sector, given some filings have been amended to launch with staking mechanisms built in.
Asset managers are competing on design choices, including staking integration, index methodology, and custody structure, rather than just headline fees. The real signal may come early next year if funds attract sticky assets instead of fading once novelty and staking-yield narratives cool off.
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