Fidelity Investments has filed for the launch of a spot Solana (SOL) exchange-traded fund (ETF) with the Cboe BZX exchange, marking its entry into the competitive race to secure the first Solana-based ETF approval. This filing reflects a growing shift in the crypto sector as regulatory conditions improve, allowing institutional investors to explore new opportunities.
Fidelity’s application, known as the “Fidelity Solana Fund,” joins similar efforts from other major financial institutions such as Franklin Templeton, VanEck, and Grayscale, all of which are awaiting the U.S. Securities and Exchange Commission (SEC)’s decision on their own Solana ETF proposals.
The filing comes just days after the launch of the first Solana Futures ETF by Volatility Shares on March 20, signaling a strong institutional interest in the cryptocurrency.
Following the announcement, Solana’s native token, SOL, saw a notable surge, climbing to approximately $146. The token’s recovery from a two-week slump has been significant, with a 17% increase in its price over the past week.
The growing optimism in the crypto market, particularly after the election of U.S. President Donald Trump and subsequent regulatory improvements, has created an environment favorable to crypto assets. Fidelity’s involvement in the Solana ETF space signals increased institutional confidence in SOL, following the success of Bitcoin and Ethereum ETFs.
Approval of a spot Solana ETF could pave the way for greater institutional investment, boosting Solana’s standing in the competitive blockchain market. With its high-speed transactions, low fees, and increasing developer activity, Solana is positioned for continued growth, and an ETF approval could be the catalyst for broader adoption and further price appreciation.
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