tl;dr
Fidelity's Solana ETF filing gained momentum as the SEC reviews its proposal, following a fourth amendment to remove a delay clause. Competitors like Bitwise and 21Shares have already launched Solana ETFs, with Bitwise's BSOL ETF attracting $69.5M in inflows. The SEC's August 2025 ruling clarified s...
**Fidelity's Solana ETF Gains Momentum as SEC Reviews and Competitors Launch**
Fidelity has taken a significant step in its pursuit of a spot Solana (SOL) exchange-traded fund (ETF) by filing an updated S-1 registration with the U.S. Securities and Exchange Commission (SEC). The move marks the firm’s fourth amendment to its proposal, removing a previous "delay amendment" that had stalled the process by giving the SEC control over the timeline for approval. Now, the filing awaits the agency’s review, which will focus on addressing concerns such as market manipulation and custody solutions for the digital asset.
Fidelity’s Solana ETF, if approved, would provide investors with exposure to Solana through traditional brokerage accounts, enhancing accessibility and liquidity. The firm has outlined plans to stake nearly 100% of the fund’s Solana holdings, delegating them to a network of secure validators to generate an estimated 7% annual yield for investors. A custom pricing index will also be created, with only a small portion of SOL tokens kept liquid to manage daily fund operations.
The filing underscores Fidelity’s commitment to navigating regulatory hurdles while expanding its crypto offerings. The firm recently added Solana trading to its platforms, including Fidelity Crypto, Fidelity Crypto for IRAs, and Fidelity Digital Assets, broadening access for both retail and institutional investors. Fidelity highlighted Solana’s superior transaction speed—processing around 60,000 transactions per minute, far outpacing Bitcoin’s 250 and Ethereum’s 800—and its low fees, which are fractions of a cent compared to Bitcoin and Ethereum’s ~50-cent charges.
The SEC’s evolving stance on crypto ETFs has also played a pivotal role. A temporary federal government shutdown in early October inadvertently accelerated approvals for some ETFs, allowing non-Bitcoin products to move forward without a final vote. Additionally, the SEC’s August 2025 ruling clarified that liquid staking activities do not constitute securities offerings, paving the way for ETFs to manage liquidity without regulatory friction.
While Fidelity’s proposal remains under review, competitors have already made headway. Bitwise launched the first Solana spot ETF, *Bitwise Solana Staking ETF (BSOL)*, on the New York Stock Exchange, which saw $69.5 million in net inflows and $56 million in trading volume within its first four hours. Matt Hougan, CEO of Bitwise, noted, “Institutional investors love ETFs, and they love revenue,” highlighting the product’s appeal.
Grayscale followed suit by converting its Solana trust into an ETF (GSOL), which now holds 525,387 SOL tokens, with 74.89% allocated for staking. Meanwhile, the SEC recently approved the 21Shares Solana Spot ETF, enabling it to trade on a major U.S. exchange.
As Fidelity and other firms navigate regulatory approvals, the Solana ETF landscape is rapidly evolving. With growing demand and supportive rulings, the potential approval of these products could signal a broader shift in how traditional finance integrates digital assets, offering investors new ways to access high-growth cryptocurrencies like Solana.
The outcome of Fidelity’s S-1 filing—and the SEC’s response—will be closely watched as the crypto market continues to mature. For now, the race to launch Solana ETFs reflects a growing confidence in the asset’s potential, even as regulators balance innovation with investor protection.