SOL price volatility
The trust’s value is directly tied to SOL holdings, so token price swings flow through to NAV and investor returns.
- Scope
- NAV, redemptions, expense funding
- Materiality
- high
Canary Marinade Solana ETF
Canary Marinade Solana ETF is a U.S.-listed exchange-traded fund structured as a trust that holds Solana (SOL) and seeks to track its price, net of trust expenses and liabilities. The fund’s primary purpose is to give investors regulated market exposure to SOL without directly holding or self-custodying the token. It also has a secondary objective of earning additional SOL through participation in Solana network transaction validation using proof-of-stake mechanics. The trust is sponsored by Canary Capital Group LLC and operates with a rules-based creation/redemption structure through authorized participants.
| % | |
|---|---|
| ETF exposure to digital assets | 70% The trust issues exchange-traded shares designed to provide investors exposure to the price of SOL. |
| Creation and redemption services | 10% Authorized participants create and redeem baskets of shares to keep the ETF aligned with its underlying holdings. |
| Staking/validation yield | 10% The trust seeks incremental SOL through validation activity in the Solana proof-of-stake network. |
| Trust administration and sponsor fee structure | 10% The sponsor manages operations, valuation, and expense handling for the trust structure. |
The trust’s direct investors are market participants that want exposure to Solana through a listed security rather than...
- Retail brokerage investorsprimary
Buy ETF shares for simple, regulated exposure to SOL without direct token custody.
- Wealth managers and advisorssecondary
Use the ETF as a portfolio allocation tool for clients seeking digital asset exposure in a familiar wrapper.
- Institutionssecondary
Prefer exchange-traded exposure, operational simplicity, and custody handled within the trust structure.
- Authorized participants and market makersprimary
Create, redeem, and arbitrage shares to keep trading prices close to NAV and maintain liquidity.
The trust is organized in the United States and its shares are listed and traded on a U.S. exchange...
- •United States is the trust’s domicile and listing market
- •Shares trade on a U.S. exchange through the ETF market structure
- •SOL trading counterparties may be located across global crypto venues
- •Valuation depends on a pricing benchmark built from executed trade flow
- •Underlying asset exposure is global even though the issuer is U.S.-based
The trust’s core strategy is to provide efficient, regulated exposure to SOL through an exchange-traded vehicle that is...
01
Build a trusted listed access point for SOLshort-term
Investors in digital assets often prefer regulated, exchange-traded exposure over direct token custody.
02
Maintain efficient creation and redemption mechanicsshort-term
Basket-based flows help keep the share price aligned with underlying SOL value and support liquidity.
03
Capture incremental yield from validation activitymedium-term
Secondary SOL earned through proof-of-stake validation can improve economics if operationally feasible.
The trust is exposed to the volatility of SOL, which directly affects NAV, investor demand, and the amount of SOL...
Counterparty and execution risk in OTC SOL trading
The trust may transact through third-party brokers or dealers rather than a centralized order book.
- Scope
- Purchases, sales, liquidity management
- Materiality
- high
Regulatory and compliance risk
Crypto-linked ETFs operate in a changing regulatory environment and must use compliant counterparties and procedures.
- Scope
- Product structure, trading, custody
- Materiality
- high
Solana network and validation risk
The secondary objective depends on proof-of-stake validation, which is subject to protocol, operational, and network conditions.
- Scope
- Incremental SOL yield
- Materiality
- medium
Fair value measurement of SOL
Can materially change reported financial position and period results
Expense accruals and sponsor fee accounting
Affects liabilities, SOL holdings, and realized gains/losses
Early-stage operating period
Limits revenue comparability and makes early-period results atypical
Grayscale Solana Staking ETF
GSOL · Commodity Contracts Brokers & Dealers
Grayscale Solana Staking ETF is a Delaware statutory trust that holds Solana (SOL) tokens and seeks to give investors exchange-traded exposure to SOL, including staking-related economics.
Invesco Galaxy Solana ETF
QSOL · Commodity Contracts Brokers & Dealers
Invesco Galaxy Solana ETF is a Delaware statutory trust that issues exchange-traded shares designed to track the spot price of Solana (SOL), with an added objective of capturing staking rewards.
Bitwise Solana Staking ETF
BSOL · Commodity Contracts Brokers & Dealers
Bitwise Solana Staking ETF is an exchange-traded trust that gives investors exposure to the price performance of Solana through a traditional brokerage account.
Fidelity Solana Fund
FSOL · Commodity Contracts Brokers & Dealers
Fidelity Solana Fund is a U.S.-listed exchange-traded product trust that gives investors exposure to Solana (SOL) through traditional brokerage accounts.
Franklin Solana Trust
SOEZ · Commodity Contracts Brokers & Dealers
Franklin Solana Trust is a Delaware statutory trust that issues exchange-traded shares designed to provide investors with exposure to Solana through the securities markets.
Solana Co
HSDT · Finance Services
Solana Co is a U.S.-based public company organized around a Solana digital asset treasury strategy, with Solana (SOL) as its primary treasury reserve asset.
: 28.4.2026