- Cboe has filed with the SEC to list shares of Fidelity’s Solana ETF, marking a significant step in the approval process.
- Solana-based investment products have recently seen strong inflows, contributing to a $644 million influx into crypto investment products last week.
- Multiple financial firms including Grayscale, Bitwise, and Franklin Templeton have also submitted filings for spot Solana ETFs.
Cboe Global Markets has submitted a critical regulatory filing to the Securities and Exchange Commission (SEC) that would enable the listing of Fidelity’s proposed Solana exchange-traded fund. The 19b-4 form submitted Tuesday represents a significant milestone in the regulatory approval pathway, though Fidelity must still complete an S-1 registration statement detailing the fund structure.
This development follows Fidelity’s recent establishment of a Delaware Trust entity specifically for its Solana fund. The proposed ETF would track the performance of Solana (SOL), currently ranked as the sixth-largest cryptocurrency by market capitalization. SOL tokens are trading at approximately $145, showing a 1.2% increase over the past 24 hours according to data from CoinGecko.
The Solana ETF market is becoming increasingly competitive, with Grayscale, Bitwise, Canary, 21Shares, Franklin Templeton, and VanEck all having submitted applications for similar products. Bloomberg Senior ETF Analyst Eric Balchunas has penciled in a 70% probability that Solana ETFs will receive regulatory approval in 2024, though he declined to specify timing expectations.
These Solana ETF applications represent part of a broader wave of proposed alternative cryptocurrency funds targeting assets beyond Bitcoin and Ethereum. This expansion includes potential ETFs for XRP, Dogecoin, and Cardano, following the remarkable success of spot Bitcoin ETFs, which have attracted over $35 billion in net inflows since their January approvals.
Fidelity’s existing Wise Origin Bitcoin Fund has demonstrated significant market traction, accumulating approximately $11.5 billion in net inflows during its 14+ months of operation. This performance ranks it second among all spot Bitcoin funds in terms of asset attraction.
According to recent CoinShares data, cryptocurrency investment products experienced a substantial reversal of fortune last week, generating $644 million in net inflows after five consecutive weeks of outflows. This recovery was primarily driven by Bitcoin-based products, with Solana-focused offerings also making a notable contribution to the positive momentum.
The potential approval of Solana ETFs would represent the next phase in cryptocurrency’s integration with traditional financial markets, following the earlier regulatory greenlighting of Bitcoin and Ethereum exchange-traded products.
✅ Follow BITNEWSBOT on Telegram, Facebook, LinkedIn, X.com, and Google News for instant updates.
Previous Articles:
- SEC to Host Four More Crypto Roundtables on Tokenization and DeFi
- Bitcoin Analyst: 75% Chance of New All-Time Highs Within Nine Months
- SEC Holds First Public Crypto Task Force Meeting Amid Regulatory Shift
- Trump Taps Crypto.com for ‘Made in America’ ETFs Despite Asian Roots
- Mt. Gox Shifts 11,000 Bitcoin, But Repayment Not Expected Soon
