Fidelity Investments has officially filed for a spot Solana Exchange-Traded Fund (ETF) with the United States Securities and Exchange Commission (SEC). The proposed ETF, named the Fidelity Solana Fund, aims to list on the Cboe BZX Exchange, marking a significant move in Fidelity’s expansion into digital asset products. The application comes at a time of market uncertainty, with broader financial markets experiencing declines following an announcement from former President Donald Trump about new global tariffs. As a result, Solana (SOL) saw a drop of over 12% in the past 24 hours.
The filing outlines that the Fidelity Solana Fund will hold physical SOL tokens and stake a portion of its holdings through verified third-party providers. The ETF will be listed and traded under Cboe BZX Rule 14.11(e)(4), with FD Funds Management LLC, an affiliate of Fidelity, listed as the sponsor of the trust. The SEC has acknowledged the filing and invited public comment on the revised Amendment No. 1 submitted on April 1, 2025, which provides additional technical details and clarifications.
Despite the market downturn triggered by Trump’s tariff announcement, Fidelity believes that Solana’s market depth and liquidity are sufficient for the ETF structure. The document highlights Solana’s $2 billion daily trading volume and $90 billion fully diluted market capitalization over the past 180 days as evidence of its resilience to manipulation, even without a surveillance-sharing agreement. If approved, the ETF could expand access to Solana for both retail and institutional investors, though the SEC’s review is still ongoing.
The filing coincides with a shift in the SEC’s approach toward crypto regulation, as the Senate Banking Committee voted to advance Paul Atkins as the nominee for SEC Chair. Atkins, a former SEC Commissioner, has expressed support for clearer rules for digital assets. The agency has also formed a crypto-focused task force to facilitate a faster review process for digital asset ETF applications. Fidelity’s growing presence in the digital asset investment space, with successful offerings like the Fidelity Wise Origin Bitcoin Fund (FBTC) and Fidelity Ethereum Fund (FETH), further emphasizes the firm’s commitment to providing diversified options for investors seeking regulated exposure to cryptocurrencies.
In conclusion, Fidelity’s filing for a spot Solana ETF represents a significant development in the digital asset investment space, as the SEC continues to evolve its approach to crypto regulation. The ETF, if approved, could provide increased access to Solana for a broader range of investors, further solidifying Fidelity’s position as a key player in the crypto ETF market. With ongoing market uncertainty and regulatory changes, it will be crucial to monitor the progress of this filing and its potential impact on the broader digital asset landscape.
