Fidelity Investments, a financial services firm managing over USD 5 trillion in assets, has filed an application with the US Securities and Exchange Commission (SEC) to launch a spot Solana ETF.
The fund is designed to track the price performance of Solana (SOL) and would be listed on the Cboe BZX Exchange. Prior to this filing, Fidelity had already registered a corresponding fund in Delaware.
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Other players pursue Solana ETFs
In addition to Fidelity, other asset managers such as Grayscale, Franklin Templeton, and VanEck have also filed applications for Solana ETFs. On January 28, 2025, the Cboe BZX Exchange submitted 19b-4 filings for the Canary Solana Trust, the Bitwise Solana ETF, the 21Shares Core Solana ETF, and the VanEck Solana Trust. These filings had previously been rejected in 2024.
The CME Group has announced plans to offer Solana futures starting March 17, 2025, pending regulatory approval. Two contracts are planned: one for 500 Solana coins and a "micro" contract for 25 coins. This move responds to growing demand for regulated products to hedge cryptocurrency risk.
Regulatory challenges
Despite the growing interest in Solana ETFs, regulatory uncertainty remains. The SEC has yet to approve any of these filings. Analysts note that the agency may consider cryptocurrencies like Solana to be unregistered securities, posing additional obstacles to ETF approval.
The developments in Solana ETFs and futures highlight the increasing interest of institutional investors in cryptocurrencies. The coming months will be crucial in observing how regulators and markets respond to these initiatives.
