📢 Solana ETF funds advance after amending S-1 filings with the SEC
🔥 Key Points:
🏦 Applicants: Canary Capital, Franklin Templeton, VanEck submitted amended S-1 filings to the SEC.
💎 Exclusive staking partner: Marinade Finance to manage Solana staking for the Canary ETF for two years.
💰 Staking rewards: Calculated and reinvested after deducting fees to enhance the fund's net assets.
⚡ Instant liquidity feature: Instant Unbonding to provide liquidity for investors without waiting for Solana network cycles.
🔒 Expanding custody framework: Dividing Solana between hot and cold wallets, with the custodian controlling the private keys.
⚠️ Risk factors: Slashing penalties, validator failures, network outages, forks, or airdrops may be halted.
📄 Tax update: The fund aims to be a Grantor Trust for U.S. tax purposes, with uncertainty around staking reward taxes.
📈 Positive signal: Ongoing communication with the SEC reflects companies' desire to comply with regulations, enhancing Solana's position as an institutional product.
💡 Conclusion: With the approval of these funds, investors gain regulated and secure access to Solana, similar to Bitcoin and Ethereum.
