Recep Gülcemal 
Canary has updated its S-1 filings for the VanEck and Franklin Solana ETFs. This update has raised the question of whether it is a path to approval among investors and analysts. However, the final timeline has not yet been determined.
Canary Capital, VanEck, and Franklin Templeton are the talk of the investment world after submitting the updated S-1 filing to the US Securities and Exchange Commission. However, looking at the changes made, a number of risk warnings stand out regarding both the staking architecture and custody details. Bloomberg analyst James Seyffart made the necessary statement on this matter. He mentioned the simultaneous filings and expressed his thoughts on the development. According to this interpretation, the simultaneous filings highlight the ongoing communication with the regulator.
Changing S-1s and Details of Interest
The new draft shows that Marinade Finance has been selected as the sole staking provider for the Canary Solana ETF. The document submitted to the SEC on August 29 states that assets will be allocated to this platform for a period of up to two years. Staking rewards are also mentioned in the document. However, it is also noted that they will be added to the fund after expenses. Strengthening the net asset value is also among the objectives in this context.
It is worth mentioning that Marinade has a function called “instant unbonding.” This function provides repurchase liquidity without wasting time on network cycles.
Changing S-1s and Details of Interest
The new draft shows that Marinade Finance has been selected as the sole staking provider for the Canary Solana ETF. The document submitted to the SEC on August 29 states that assets will be allocated to this platform for a period of up to two years. Staking rewards are also mentioned in the document. It also highlights that they will be added to the fund after expenses. Strengthening the net asset value is also among the objectives in this context.
It is worth mentioning that Marinade has a function called “instant unbonding.” This function aims to provide buyback liquidity without wasting time on network cycles. In addition, the storage infrastructure has been developed to be more comprehensive than the current one.
Operational Uncertainties and Taxation Also Featured in the Document Alongside Risks
Experts emphasize the importance of this development for good reason. The updated documents clearly spell out all the details. These include a wide range of details, from verification errors to slashing penalties. In addition, the possibility of the fund rejecting forks and airdrops is also detailed in the document.
The document covers not only technical risks but also scenarios for all errors that may arise in the operational process. One of the most noteworthy points is taxation. Under US tax law, this fund aims to be recognized as a “grantor trust.”
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