Thomas Daniels
In order to list and trade shares of the Fidelity Solana Fund, a proposed exchange-traded fund (ETF) intended to follow the performance of Solana (SOL), the Cboe BZX Exchange has formally filed a 19b-4 filing with the U.S. Securities and Exchange Commission (SEC). With this action, Fidelity Investments enters the growing market for cryptocurrency exchange-traded funds (ETFs), focusing on Solana, the sixth-largest cryptocurrency by market capitalization.
The application comes after Fidelity recently registered a Solana trust with the CSC Delaware Trust Company, demonstrating the company’s dedication to providing a range of investing alternatives for digital assets. Fidelity joins other prominent asset managers, such as Grayscale, Franklin Templeton, and VanEck, who are all aiming to launch comparable Solana-focused investment products, by requesting SEC clearance for a spot Solana ETF.
This development comes at the same time as Volatility Shares LLC recently introduced Solana futures ETFs. The company launched the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT) on March 20, 2025, making them the first ETFs in the United States to offer exposure to Solana futures. Investors can interact with Solana’s market dynamics through these products without really owning the underlying asset.
Industry observers see the launch of these futures ETFs as a significant step toward the possible approval of spot Solana ETFs. The SEC’s examination of spot cryptocurrency ETFs has historically been preceded by the development of a strong futures market, as seen by the paths taken by Ethereum and Bitcoin ETFs.
The proactive strategy taken by Fidelity in submitting an application for a spot Solana ETF is indicative of the increasing institutional interest in diversifying investment vehicles for cryptocurrencies. Investor involvement and the wider acceptability of digital assets in conventional financial markets may be greatly impacted by the approval and performance of such ETFs as the regulatory environment changes.
