Canary Capital Group, a new digital asset-focused investment firm, has applied for a Solana-based exchange-traded fund (ETF), joining other prestigious asset managers seeking to list a SOL ETF in the United States. Despite Blackrock opting out, Canary Capital is pursuing the spot Solana ETF to provide investors with exposure to SOL without having to purchase and store the cryptocurrency themselves. Solana is considered a key competitor to Ethereum, offering cost-effective and faster transactions. The SEC's concerns over Solana's classification as a security may impact the approval of SOL ETFs.