• The Canary Marinade Solana ETF (SOLC) launched on Nov. • The ETF stakes 100% of its assets through Marinade Select with BitGo custody, marking Marinade’s most significant institutional distribution milestone to date. • Marinade Select TVL grew 205.5% QoQ to 2.7 million SOL, becoming the protocol’s primary source of growth. • Approximately 2.2 million SOL of inflows occurred on Nov. • 27, 2025, following the Canary Marinade Solana ETF launch. • Protocol revenue increased 1.5% QoQ to 13,970 SOL, while declining 2.6% QoQ in USD terms to $2.52 million.

Article Summaries:

  • State of Marinade Q4 2025: Institutions Select Marinade

The Canary Marinade Solana ETF (SOLC) launched on 18 Nov 2025, staking all assets through Marinade Select with BitGo custody, marking Marinade’s largest institutional distribution yet. Marinade Select’s TVL surged 205.5 % QoQ to 2.7 million SOL, with 2.2 million SOL inflows on 27 Nov following the ETF debut. Protocol revenue rose 1.5 % QoQ to 13,970 SOL but fell 2.6 % in USD terms to $2.52 million amid a 67.6 % drop in SOL price. Marinade repurchased $889 k of MNDE, yet a DAO vote on 26 Dec halted buybacks to boost MNDE liquidity. In 2026, Marinade plans to diversify beyond SOL staking with stable‑coin, treasury‑bill, delta‑neutral, USD‑denominated, and payment‑card products.

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