Fidelity Investments Advances with Spot Solana ETF Plans
Fidelity Investments has moved forward with plans to launch a spot Solana Exchange-Traded Fund (ETF), with the U.S. Securities and Exchange Commission (SEC) formally acknowledging the filing.
The proposed ETF, set to be listed on the Cboe BZX Exchange, represents Fidelity’s ongoing push to expand its presence in the crypto investment space. The fund, named the Fidelity Solana Fund, is designed to hold physical SOL tokens and utilize third-party staking providers for additional returns. The SEC’s notice marks a key regulatory step, opening the door for public feedback as the review process continues.
Despite the positive regulatory development, Solana’s price has seen a sharp drop, declining over 12% within the past day. The downturn aligns with broader market reactions to recent global tariffs, which have created uncertainty across financial markets.
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Fidelity has argued that Solana’s trading volume and market depth make it well-suited for an ETF structure, highlighting an average daily volume of $2 billion and a fully diluted market cap of $90 billion over the past six months. These metrics, Fidelity believes, demonstrate sufficient liquidity and minimize manipulation risks.
The timing of the SEC’s acknowledgment coincides with a broader shift in the agency’s stance on crypto regulations. Paul Atkins, recently nominated for SEC Chair, has expressed support for clearer rules surrounding digital assets, reflecting a potential change in how the agency approaches crypto-related filings.
Fidelity continues to strengthen its presence in the digital asset sector, building on the success of its existing crypto funds like the Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH). As the SEC review progresses, the potential approval of the Solana ETF could mark another milestone in the growing adoption of crypto investment products.
Alexander Stefanov
