Fidelity Joins Race for Spot Solana ETF
Cboe has submitted a 19b-4 filing with the U.S. Securities and Exchange Commission (SEC) to list the Fidelity Solana ETF, signaling that Fidelity is the latest major player looking to launch a spot Solana product. The move follows Fidelity’s recent creation of a Delaware Trust entity for the Solana fund.
Part of a Growing List of Solana ETF Bids
Fidelity joins Grayscale, VanEck, 21Shares, and Franklin Templeton in seeking approval to launch Solana-based ETFs. Bloomberg ETF Analyst Eric Balchunas estimates a 70% approval likelihood this year, though no timeline has been confirmed.
Spot Bitcoin ETFs Paved the Way
Interest in altcoin ETFs surged after the successful launch of spot bitcoin ETFs in January 2024, which brought in over $35 billion in inflows. Solana’s current price hovers near $145, according to CoinGecko, with rising investor interest helping fuel ETF proposals.
Solana Sees Increased Institutional Attention
Crypto-backed investment products saw $644 million in inflows last week, per CoinShares, with Solana offerings accounting for a growing share. Fidelity’s Wise Origin Bitcoin Fund alone has amassed over $11.5 billion in net flows since its launch, making it the second-largest spot bitcoin ETF.
