The United States Securities and Exchange Commission (SEC) has officially acknowledged Fidelity’s filing for a spot Solana (SOL) exchange-traded fund (ETF), marking a significant development in the evolving landscape of cryptocurrency investment products.
Since November 2024, the SEC’s desk has welcomed many filings for a spot SOL ETF and has begun approval talks.
SEC Acknowledges Fidelity’s SOL ETF
Cboe BZX Exchange sent a request on March 25, 2025, and changed it on April 1. They want to list and trade shares of the Fidelity Solana Fund under the exchange’s rules for trust shares based on commodities.
Notably, this ETF would let investors access Solana in a regulated way without direct ownership of the crypto, as the investment fund will mirror SOL’s price when it is launched.
Fidelity’s plan describes a spot Solana ETF called the Fidelity Solana Fund. It will hold actual SOL tokens. The filing also says the fund plans to stake some of its tokens through trusted third parties. This could increase returns for ETF shareholders through staking rewards.
The ETF will be listed and traded under Cboe BZX Rule 14.11(e)(4) for Commodity-Based Trust Shares. FD Funds Management LLC, part of Fidelity, is the trust’s sponsor, showing Fidelity’s dedication. The shares will be registered under the Securities Act of 1933 using Form S-1, ensuring openness and following the rules.
Fidelity’s action shows that institutions are becoming more aware of Solana, a fast and scalable blockchain. Moreover, the SEC’s view on crypto ETFs other than Bitcoin is unclear. They’ve been careful with similar Ethereum ETF ideas.
Fidelity Awaits Final Approval
The Cboe BZX Exchange filed an update, Amendment No. 1, to the initial filing on April 1, 2025. This update added more details to the March 25, 2025, filing, explaining the proposed rule change. The SEC has released the notice, starting a time for public feedback.
The SEC’s acceptance of the ETF filing coincided with a drop in Solana’s price, reflecting a broader market decline caused by recent statements from former President Trump about global tariffs.
However, although the price has dropped, Fidelity says Solana’s market is strong enough to handle the planned ETF. They highlight Solana’s large daily trading volume ($2 billion) and market size ($90 billion) over the last six months.
Nonetheless, a Solana ETF could make it much easier for regular and professional investors to invest in Solana. However, the SEC is still reviewing the proposal, and the result is unclear.
