Fidelity Investments is making moves to add a new spot Solana ETF to its cryptocurrency offerings. The firm filed a 19b-4 form with the Cboe Exchange to track the price of SOL, the native cryptocurrency of the Solana blockchain platform. This form is part of the process that could eventually lead to the launch of the ETF.
However, Fidelity has not yet filed an S-1 registration, which is required by the Securities and Exchange Commission (SEC) for the ETF to be listed on a public exchange.
Fidelity’s Commitment to Digital Assets
Fidelity spokespersons emphasized that a significant portion of their customers are interested in and own digital assets. “Fidelity remains committed to providing customers with a portfolio of solutions that offer choice, accompanied by education and support,” the spokesperson told ETF.com, highlighting the company’s efforts to meet customer financial goals through a range of products.
Solana’s Growing Market Presence
Solana ranks as the sixth-largest cryptocurrency by market capitalization, currently valued at approximately $71 billion, according to CoinMarketCap. As interest in digital assets continues to grow, so does the demand for spot Solana ETFs.
In late 2024, Cboe BZX filed applications with the SEC on behalf of several investment firms, including Bitwise, VanEck, 21Shares, and Canary Capital. These filings coincided with SEC Chair Gary Gensler’s announcement of his departure from the regulatory body.
Predictions and Market Developments
In January, Nate Geraci, president of The ETF Store, predicted on social media platform X that a spot Solana ETF would be approved in 2025. His forecast reflects the increasing demand and attention surrounding Solana-based products.
Earlier this month, Volatility Shares launched the first U.S.-listed Solana ETFs, the Solana ETF (SOLZ) and the 2x Solana ETF (SOLT). However, these funds do not track the spot price of Solana but instead invest in Solana futures contracts.
Fidelity’s Track Record with Crypto ETFs
Fidelity has already made significant strides in the cryptocurrency ETF space. Last year, the firm launched spot Bitcoin and Ethereum ETFs, including the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH). The firm has been working on building a digital asset ecosystem since 2014 and continues to expand its offerings in the crypto market.
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