Investment firm Canary Capital has made further amendments to the documents for its cryptocurrency funds, moving them closer to final approval from the U.S. Securities and Exchange Commission (SEC). These are exchange-traded funds (ETFs) based on XRP and Solana (SOL) tokens.
New Changes and Fees
On Friday, the company filed updated registration documents for the Canary Marinade SOL ETF and Canary XRP ETF, indicating a fee of 0.5%. Previously, for funds linked to HBAR and Litecoin, Canary had listed a fee almost twice as high—0.95%.
According to Bloomberg senior ETF analyst Eric Balchunas, the company “has already filed the sixth amendment for the spot Solana ETF—we are very close to the finish line.” He noted that the fund does not include income distribution from staking, despite using this mechanism.
For comparison, this week Bitwise set a 0.2% fee for its Solana ETF, which also includes staking rewards.
Moving Toward Approval
Canary Capital is among several companies awaiting the SEC’s decision on crypto funds tracking DOGE, LTC, SOL, and XRP. These applications were submitted last year, when a more favorable attitude toward the crypto industry was expected amid the change in the White House administration.
After President Donald Trump was appointed, Paul Atkins, known for his crypto-friendly stance, became the new SEC chairman. Under his leadership, the agency has already taken steps to clarify the status of digital assets and approved new listing standards for cryptocurrency ETFs.
What the New Listing Standards Changed
These standards simplify the process of listing funds on the exchange: now, certain ETFs do not require the standard 19b-4 review, which previously took months. This means that dozens of cryptocurrency ETF applications could be approved much faster, without multi-stage procedures.
However, due to the U.S. government shutdown that began in October, the review timelines for applications were disrupted. The SEC suspended some operations, and the deadlines for certain crypto funds—including the SOL ETF and LTC ETF—have already expired.
According to The Block’s sources, the regulator may combine several separate applications into a single package to speed up the approval process once the agency resumes operations.
What Happens Next?
Now, attention is focused on the registration documents, for which the SEC does not set strict review deadlines. This gives companies the opportunity to make final edits and clarifications without risking losing their place in line.
If the agency approves the applications, Canary Capital could become one of the first firms to launch spot ETFs for XRP and Solana—a step that would strengthen the position of these assets in the institutional segment.
For investors, this will be an important signal: after the approval of the Bitcoin ETF, the market is gradually moving toward expanding the range of funds for other digital assets, paving the way for new capital inflows into altcoins.
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