Fidelity Files for Spot Solana ETF Application

Fidelity Investments has filed an application with the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) tracking the price of Solana (SOL).

On Tuesday, Cboe Exchange submitted a 19b-4 filing to the SEC, taking the necessary step to list Fidelity’s proposed Solana ETF. Last week, Fidelity registered a Solana fund in Delaware. However, the firm has yet to submit an S-1 filing, which is required for a new security to trade on a public exchange.

With a market capitalization of $74 billion, Solana ranks as the sixth-largest cryptocurrency globally. Besides Fidelity, major asset managers such as Grayscale, Franklin Templeton, and VanEck have also applied for Solana ETFs with the SEC.

Fidelity’s Solana ETF Move: A Key Step for Spot ETF Approval?

Last week, two Solana futures ETFs (SOLZ and SOLT) were launched on Nasdaq, marking a significant step toward potential spot ETF approval.

Fidelity has previously launched two spot crypto ETFs: Fidelity Wise Origin Bitcoin Fund (FBTC) and Fidelity Ethereum Fund (FETH). Introduced in 2024, these funds manage approximately $17 billion in Bitcoin and $975 million in Ethereum, respectively.

The company has been working on its digital asset ecosystem since 2014 and notes that a large portion of its clients already own cryptocurrencies.

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