Fidelity Files For Spot Solana ETF With SEC

Fidelity Investments, a prominent asset management firm, has filed for a spot Solana ETF with the US Securities and Exchange Commission (SEC). The filing, submitted through the Cboe BZX Exchange, seeks approval for the listing and trading of shares of the Fidelity Solana Fund. This development comes after the firm registered a Fidelity Solana Fund in Delaware last week.

This move by Fidelity follows a series of filings by exchanges and fund sponsors seeking to launch ETFs holding Solana and other cryptocurrencies. The SEC must approve the filing before trading of the Fidelity Solana Fund can commence on the exchange.

Solana, currently the sixth-largest crypto asset by market capitalization, has seen growing interest from asset managers. Several firms, including Grayscale, Franklin Templeton, and VanEck, have filed applications with the SEC to launch funds holding the token.

Fidelity has previously issued two spot crypto ETFs: the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH). Both launched last year and have attracted significant assets. Many of Fidelity’s clients are interested in owning cryptocurrencies, and a large portion already does. The firm has been working on its digital asset ecosystem since 2014.

This filing by Fidelity and Cboe is part of a broader trend of asset managers seeking regulatory approval for cryptocurrency ETFs. The move signals heightened institutional demand for Solana, a blockchain platform known for its high throughput and low transaction costs. The approval of a spot Solana ETF would provide investors with a regulated and transparent way to gain exposure to the cryptocurrency, potentially driving further adoption and investment in the Solana ecosystem.