Canary Capital has submitted an updated version of its S-1 application for a spot Solana ETF to the SEC. This application seeks to offer investors direct exposure to the price of Solana (SOL). The company highlights Solana's robust DeFi ecosystem, supported by favorable indicators such as:

- *High daily transaction volume*: Solana processes a large number of transactions daily.

- *Large number of active addresses*: The Solana blockchain has a significant number of active addresses.

- *Continuous creation of new addresses*: New addresses are constantly being created on the Solana network.

Canary Capital aims to strengthen its portfolio of crypto-backed funds with this ETF. Other companies, such as VanEck and 21Shares, have also submitted similar applications for Solana ETFs. The SEC had officially recognized Canary Capital's application earlier, marking an important step in the approval process.$SOL