The firm has refiled its Spot Solana ETF under a new name: the Canary Marinade Solana ETF. This signals a strategic shift that aligns with the rising tide of staking-focused investment products.
Why Marinade Matters: Staking Meets Traditional Finance
Marinade Finance plays a key role in Solana’s staking ecosystem. The protocol allows SOL holders to delegate their tokens across a decentralized set of validators. This will improve network security while earning rewards. What sets Marinade apart is mSOL, its liquid staking token, which users can trade or use in DeFi while still earning yield.
By teaming up with Marinade, Canary unlocks a new layer of value for ETF investors—without requiring them to handle wallets or navigate blockchain interfaces. The ETF itself will handle staking via Marinade, giving traditional investors a taste of DeFi-native yield through a familiar wrapper.
The proposed ETF from @CanaryFunds is powered by Marinade Select, a new staking strategy built for trust and transparency.
Here’s what it means and why we built Select
1/4 pic.twitter.com/UmzkrynBx8
— Marinade
(@MarinadeFinance) May 21, 2025
It’s a model that mirrors what BlackRock is exploring with its ETH ETF filings, which include staking provisions. The market is shifting toward ETFs that do more than just hold an asset—they help it grow.
Solana’s Rise and Institutional Interest
Solana has been on a tear in 2024. As of Q2-2025, it ranks among the top 5 blockchains by total value locked (TVL), and Marinade alone has over 7 million SOL staked, worth more than $1.1 billion, according to DeFiLlama. This momentum, combined with Solana’s low fees and lightning-fast transaction speeds, is drawing institutional eyes.
— SolanaFloor (@SolanaFloor) May 21, 2025
Canary’s updated ETF filing shows that the next wave of crypto investment products won’t just mirror digital assets. They’ll participate in the ecosystems themselves. For investors, it’s a way to access crypto-native returns without sacrificing regulatory structure or convenience.
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