Fidelity’s Solana ETF Filing Acknowledged by the US SEC

Highlights:

• The US SEC has acknowledged Fidelity’s Solana ETF Filing.
• Following the acknowledgment, the SEC has opened the window for public comments on the ETF.
• The regulatory agency acknowledged the filing after an update on the initial proposal.

The United States Securities and Exchange Commission (SEC) has acknowledged Fidelity’s filing for a spot Solana (SOL) ETF. This step moves the proposal closer to potential approval or rejection. Fidelity, a leading asset manager, has recorded ETFs’ approval success following the endorsement of its Fidelity Bitcoin ETF (FBTC) and Fidelity Ethereum ETF (FETH) last year.

Details About Fidelity’s Solana ETF Structure

Fidelity stated that it plans to list the fund on the Cboe BZX Exchange. The ETF would trade under Cboe BZX Rule 14.11(e)(4), Commodity-Based Trust Shares. Solana’s ETF, labeled the Fidelity Solana Fund, will hold physical SOL tokens.

Fidelity’s application also noted that the fund will stake part of its holdings via approved third-party providers. FD Funds Management LLC will serve as the fund’s Sponsor. In addition, Fidelity plans to register the shares under the Securities Act of 1993, using the Trust’s registration statement on Form S-1.

The filing clarified:

“The Trust is neither an investment company registered under the Investment Company Act of 1940, as amended, nor a commodity pool for purposes of the Commodity Exchange Act (“CEA”), and neither the Trust nor the Sponsor is subject to regulation as a commodity pool operator or a commodity trading adviser.”

🚨BREAKING: 🇺🇸SEC officially acknowledges Fidelity spot @Solana ETF filing. pic.twitter.com/TtAIXXQZJu

— SolanaFloor (@SolanaFloor) April 3, 2025

Original Filing Amendment and Further Steps

Fidelity initially submitted a proposal for a Solana ETF in March 2025. The Cboe BZX Exchange amended this original filing on April 1, 2025, clarifying some technical aspects of the proposed ETF.

Following the amendment, the SEC published the proposal, inviting public comments. The public opinion window lasts for a few days. Once the timeframe for comments elapses, the regulatory watchdog transfers the filing to the Federal Register.

The above move marks the initiation of a 240-day countdown that would precede the SEC’s final decision. Considering the regulatory overhaul targeted towards encouraging crypto participation among US citizens, the SEC might announce its final decision about the ETF earlier than the projected timeframe.

Solana Price Record Declines Despite Positive News

At the time of writing, Solana’s price is down 2.4% in the past 24 hours, trading at about $116.35. SOL’s market cap is $59.86 billion, ranking as the seventh most valuable cryptocurrency below XRP and BNB. Solana’s extended period price change data reflected declines, highlighting its recent struggles. For context, the token dropped 18.4% month-to-date and 36.9% year-to-date.

In the past week, SOL dropped 13.2%, with price extremes fluctuating between $112.64 and $133.48. This range highlights a significant decline following Donald Trump’s global tariffs announcement. Meanwhile, SOL’s 24-hour trading volume dropped 35.3% to about $4.01 billion.

BREAKING:

THE SEC HAS ACKNOWLEDGED
FIDELITY'S FILING FOR A SPOT SOL ETF.

BULLISH FOR SOLANA pic.twitter.com/xqUFvX30el

— Ash Crypto (@Ashcryptoreal) April 3, 2025

Grayscale and Bitwise Launched Five New ETFs

On April 2, fellow asset manager Grayscale launched two new ETFs: Grayscale Bitcoin Covered Call ETF (BTCC) and Grayscale Bitcoin Premium Income ETF (BPI). On April 3, Bitwise rolled out three new ETFs. These include Bitwise COIN Option Income Strategy ETF (IMST), Bitwise COIN Option Income Strategy ETF (ICOI), and MARA Option Income Strategy ETF (IMRA). All five ETFs will generate monthly income by taking advantage of crypto market volatility.