Solana (SOL) Spot ETF Filing Acknowledged by the SEC, Opening the Door for Institutional Investment

The United States Securities and Exchange Commission (SEC) has officially acknowledged the filing for a spot Solana Exchange-Traded Fund (ETF) submitted by Fidelity Investments.

The U.S. Securities and Exchange Commission (SEC) has acknowledged the filing for a spot Solana (CRYPTO: SOL) Exchange-Traded Fund (ETF) by Fidelity Investments (NYSE:FBND). The application, which aims to list the fund on the Cboe BZX Exchange, marks a new step in Fidelity’s expansion into digital asset products.

This development comes during a time of market turbulence, as broader financial markets saw declines following an announcement from former President Donald Trump about new global tariffs. Solana dropped over 12% in the past 24 hours.

What Happened: Fidelity’s proposal details the creation of a spot Solana ETF, named the Fidelity Solana Fund, which will hold physical SOL tokens. The fund will also plan to stake a portion of its holdings through third-party providers.

The ETF will be listed and traded on the Cboe BZX Exchange (ticker: BZX) Rule 14.11(e)(4), which covers Commodity-Based Trust Shares. FD Funds Management LLC, an affiliate of Fidelity, is the sponsor of the trust, and the shares will be registered under the Securities Act of 1933 through Form S-1.

The Cboe BZX Exchange has amended the original filing with a revised version submitted on April 1. This Amendment No. 1 updates the March 25 filing to provide additional technical details and clarify specific elements of the rule change proposal.

The SEC has now published the notice and invites public comment.

Why It’s Important: Solana’s price decline follows a broader market downturn triggered by Trump’s statement on new tariffs, which impacted both cryptocurrency and traditional markets. The sudden drop in both domains coincides with the SEC’s acknowledgement of the ETF filing.

Despite the price decrease, Fidelity’s filing highlights Solana’s market depth and liquidity, which are crucial for an ETF structure. The document mentions Solana’s $2 billion daily trading volume and its $90 billion fully diluted market capitalization over the past 180 days.

Cboe BZX and Fidelity maintain that these figures demonstrate the token’s resilience to manipulation, rendering a surveillance-sharing agreement unnecessary.

The introduction of this ETF could expand access to Solana for retail and institutional investors if approved, but the SEC’s review process is ongoing.

This filing comes as the SEC is making changes to its leadership and approach toward crypto regulation. On the same day as the ETF acknowledgment, the Senate Banking Committee voted 13-11 to advance Paul Atkins as the nominee for SEC Chair.

Atkins, a former SEC Commissioner and founder of Patomak Global Partners, has stated his aim to support clearer rules for digital assets. In recent weeks, the SEC has moved to reduce administrative actions, and it’s expected to forge a crypto-focused task force to facilitate faster review times for digital asset ETF applications.

Fidelity’s Expanding Role in Crypto ETFs: Fidelity has been expanding its presence in the digital asset investment space since launching its first crypto ETF, the Fidelity Bitcoin Fund (BTC), in 2024.

The fund has rapidly accumulated nearly $17 billion in Bitcoin (CRYPTO: BTC) assets, showcasing strong demand for the product. In addition, its second offering, the Fidelity Ethereum Fund (ETH), which was launched later, now manages over $975 million.

The financial giant is also developing new crypto-focused services for its clients. Recently, Fidelity introduced a retirement account option that permits direct investment in digital assets like Bitcoin, Ethereum, and Litecoin as part of a broader strategy to offer diversified investment avenues for investors seeking exposure to cryptocurrencies within a regulated framework.