- Fidelity Investments has filed with the SEC to create an exchange-traded fund tracking the price of Solana (SOL).
- This follows Fidelity’s previous launches of spot Bitcoin and Ethereum ETFs, which have attracted approximately $18 billion in combined assets.
- Solana, currently valued at $74 billion, has already seen futures-based ETFs launch last week on Nasdaq.
Fidelity Investments, the $5 trillion asset management giant, is seeking regulatory approval to launch a spot Solana exchange-traded fund, according to a filing submitted to the Securities and Exchange Commission on Tuesday.
The Cboe Exchange has uploaded a 19b-4 application to list the proposed Solana ETF, marking Fidelity’s latest push into cryptocurrency investment products. This development comes just days after the company registered a Fidelity Solana Fund in Delaware last Thursday.
While the 19b-4 filing represents a significant step forward, Fidelity has yet to submit the required S-1 registration statement to the SEC, which is necessary for issuing new securities on public exchanges.
The asset manager’s interest in Solana aligns with broader industry trends, as several major financial institutions including Grayscale, Franklin Templeton, and VanEck have also filed applications for Solana-based funds.
Solana, with its $74 billion market capitalization, currently ranks as the sixth-largest cryptocurrency globally. The blockchain platform has gained traction for its high transaction speeds and relatively low fees compared to competitors.
Last week marked a milestone for Solana in traditional finance when two futures-based ETFs tracking the cryptocurrency (tickers SOLZ and SOLT) began trading on Nasdaq. Industry observers view futures-based products as potential precursors to spot ETF approvals, following the pattern established with Bitcoin and Ethereum.
Fidelity has already established itself as a major player in cryptocurrency ETFs, having launched two successful products in 2023: the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH). FBTC has attracted nearly $17 billion in assets, while FETH manages approximately $975 million.
The firm’s cryptocurrency initiatives date back to 2014, reflecting its long-term commitment to digital assets. According to the company, a significant portion of its client base has expressed interest in cryptocurrency exposure, with many already holding positions in various digital assets.
If approved, a spot Solana ETF would provide investors with exposure to the cryptocurrency’s price movements without requiring direct ownership, potentially expanding institutional and retail access to the digital asset.
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