Regulatory Momentum Builds for Altcoin ETFs
The U.S. Securities and Exchange Commission (SEC) has officially acknowledged Fidelity’s application for a spot Solana ETF, a key procedural step that begins the countdown to potential approval.
The filing, submitted by Cboe BZX Exchange Inc., follows the creation of the "Fidelity Solana Fund" statutory trust. Once published in the Federal Register, a review period will begin, during which the SEC can approve or reject the ETF.
Solana Seen as Strongest Altcoin ETF Candidate
With the SEC already approving spot Bitcoin and Ethereum ETFs, Solana is widely regarded as the next most likely candidate. Fidelity joins Franklin Templeton, which also has a pending Solana ETF proposal.
If approved, the fund would become the first Solana-based ETF available to U.S. investors.
Trump’s Tariffs Shake Crypto Markets
Despite the positive ETF news, broader crypto markets fell sharply following President Donald Trump’s announcement of sweeping reciprocal tariffs. Solana dropped over 15%, briefly dipping below $113 before rebounding slightly.
As of Thursday afternoon, SOL was trading at $115.42, with both Bitcoin and Ethereum down more than 4%.
