Business
SEC Moves Closer To Approving First Solana ETF with Fidelity’s Filing
By Benjamin Abioye

The U.S. Securities and Exchange Commission (SEC) has officially published Cboe BZX Exchange’s filing (19b-4) to list the Fidelity Solana Fund in the Federal Register.
This move brings the fund closer to possibly becoming the first spot Solana exchange-traded fund (ETF) in the United States.
With this publication, the SEC has opened a 21-day public comment period where stakeholders can offer their feedback on the proposal. Afterward, the SEC will have 240 days to decide whether to approve, deny, or delay the application.
Fidelity, known for its successful Bitcoin and Ethereum ETFs, continues to push forward in the digital asset space. The firm manages over $5 trillion in assets and oversees ETFs with assets totaling $17 billion in Bitcoin and $975 million in Ethereum. Through its reputation, Fidelity is expanding its reach into the crypto market, including the proposed Solana ETF.
The Solana ETF would be listed on the Cboe BZX Exchange under Rule 14.11(e)(4), which governs commodity-based trust shares. FD Funds Management LLC, a Fidelity subsidiary, will sponsor the fund, while third parties will handle the custody and staking services. This setup will allow investors to earn additional yields through staking SOL tokens.
Once the public comment period ends, the SEC will review the feedback to determine if the proposal meets its standards for market integrity and investor protection. A final decision could be made in the coming months, potentially extending into late 2025.
Several other asset management firms, including Grayscale, Franklin Templeton, VanEck, and Canary Capital, have also filed similar proposals for spot crypto ETFs, signaling a growing demand for regulated crypto investment products. Despite the SEC’s previous reluctance to approve spot Bitcoin and Ethereum ETFs, the regulator’s cautious stance on altcoins like Solana remains, though recent leadership changes suggest a more transparent approach.
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