Financial giant Fidelity is the latest institution to move closer to launching an exchange-traded fund (ETF) based on Solana, the world’s sixth-largest cryptocurrency by market capitalization.
The Chicago Board Options Exchange (Cboe) has filed with the Securities and Exchange Commission (SEC) seeking approval to list shares of Fidelity’s Solana ETF. The filing, in Form 19b-4, was filed on Tuesday – a key step in the SEC’s approval process. However, Fidelity still needs to file an S-1 registration statement to provide specific details about the product before it can officially list.
Fidelity And Its Solana ETF Roadmap
The filing comes just days after Fidelity established a Delaware Trust entity for its Solana ETF. The fund is expected to closely track the performance of Solana (SOL), the world’s sixth-largest digital asset. According to data provider CoinGecko, the SOL token recently traded at around $145, up 1.2% over the past 24 hours.
Solana ETF Race Heats Up
Fidelity is not the only one in the race. Other major ETF issuers such as Grayscale, Bitwise, Canary, 21Shares, Franklin Templeton, and VanEck have also filed to list Solana spot ETFs.
The spot crypto ETF market has attracted a lot of interest from investors and financial firms due to growing expectations that the SEC will give these funds the green light. Earlier this year, Eric Balchunas, senior ETF analyst at Bloomberg, predicted that there was a 70% chance that Solana ETFs would be approved by the SEC this year. However, he did not specify a specific time for this decision.
A New Step in Crypto Mainstreaming
The move by Fidelity and many other large organizations to issue Solana-based ETFs reflects the continued expansion of the crypto investment sector. If approved, these funds will open up opportunities for institutional and individual investors to access Solana without having to directly own or manage the token.
A Solana spot ETF is not only a big step forward for Solana, but also marks a significant development in mainstreaming cryptocurrencies in the traditional financial market. With the wave of crypto ETF registrations rising, the market will continue to wait for the next move from the SEC, the agency that plays a decisive role in promoting or restraining capital flows into digital assets.
