- Cboe BZX Exchange has filed with the SEC to list Fidelity’s Solana (SOL) ETF, adding to the growing number of spot SOL ETF applications awaiting approval.
- The filing follows the recent launch of futures-based Solana ETFs and CME’s SOL futures contracts, signaling growing institutional interest in the cryptocurrency.
- Bloomberg Intelligence analysts estimate a 70% chance of spot SOL ETF approval this year, as regulatory stance on crypto has softened under the Trump administration.
Cboe BZX Exchange submitted a filing to the Securities and Exchange Commission (SEC) on March 25 seeking permission to list Fidelity’s proposed Solana (SOL) exchange-traded fund. This application joins a growing list of SOL and alternative cryptocurrency ETF proposals awaiting regulatory approval as institutional interest in digital assets beyond Bitcoin continues to expand.
The request represents the latest effort to bring spot Solana exposure to mainstream investors through regulated financial products. The SEC must approve the filing before the Fidelity Solana Fund can begin trading on the exchange.
This application follows Cboe’s earlier March 12 filing to list another spot SOL ETF from asset manager Franklin Templeton, highlighting the exchange’s aggressive push into cryptocurrency investment vehicles.
The filings come in the wake of Volatility Shares successfully launching the first Solana-based ETFs in March. These products—the Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT)—use futures contracts rather than holding the cryptocurrency directly. SOLT notably offers leveraged exposure, tracking SOL’s performance at twice the rate.
Industry analysts view several recent developments as positive indicators for spot Solana ETF approval. The Chicago Mercantile Exchange (CME) launched SOL futures contracts on March 17, creating the regulated price discovery mechanism that previously preceded Bitcoin and Ethereum ETF approvals.
Bloomberg Intelligence analysts have stated they see a 70% probability that U.S. regulators will approve a spot SOL ETF in 2024, reflecting growing optimism in the industry.
The competition for Solana ETF approval has intensified with multiple asset managers including Grayscale, VanEck, 21Shares, Canary, and Bitwise filing applications. This surge in interest extends beyond Solana to other cryptocurrencies, with roughly a dozen managers seeking approval for ETFs tracking assets ranging from Litecoin (LTC) and XRP to Dogecoin (DOGE) and Official Trump (TRUMP).
Asset managers are also requesting modifications to existing ETF structures, including provisions for staking, options trading, and in-kind redemptions—features that would more closely align cryptocurrency ETFs with traditional financial products.
The regulatory environment for cryptocurrencies has notably shifted since President Donald Trump began his second term in January. Under the previous administration, the SEC initiated approximately 100 enforcement actions against crypto companies for alleged securities violations. While the agency approved spot Bitcoin and Ethereum ETFs earlier this year, it had previously resisted proposals for other cryptocurrency ETFs.
This evolving regulatory stance, combined with the successful precedents set by Bitcoin and Ethereum ETFs, has emboldened financial institutions to pursue approval for a broader range of cryptocurrency investment products.
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