Fidelity Investments is looking to create an exchange-traded fund (ETF) tracking the price of Solana (SOL), a filing with the Securities and Exchange Commission on Tuesday shows.
Fidelity Investments is planning to launch an exchange-traded fund (ETF) tracking the price of Solana (SOL), according to a filing with the Securities and Exchange Commission on Tuesday.
Cboe Exchange uploaded a 19b-4 filing to list a Solana ETF proposed by the $5 trillion Wall Street veteran. This follows the firm registering a Fidelity Solana Fund in Delaware last Thursday.
Fidelity has yet to submit an S-1 filing, which is required for companies seeking to issue a new security and be listed on a public stock exchange.
Solana, with a $74 billion market cap, is currently the sixth-largest crypto asset. Several asset managers have applied with the SEC to launch funds holding the token, including Grayscale, Franklin Templeton and VanEck.
Last week, two ETFs (SOLZ and SOLT) tracking SOL futures hit Nasdaq, paving the way for a spot exchange-traded product.
Fidelity already manages two spot crypto ETFs: the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH), both launched last year. FBTC has attracted nearly $17 billion in assets — or bitcoin — and FETH handles roughly $975 million.
A majority of Fidelity’s clients are interested in or already own cryptocurrencies, the firm said in a filing last week. The firm has been developing its digital asset ecosystem since 2014.
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