Fidelity Investments has officially submitted an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) on June 13, 2025, seeking approval to launch a spot Solana exchange-traded fund (ETF). The proposed “Fidelity Solana Fund” is structured as a Delaware statutory trust and aims to track the performance of Solana (SOL) based on the Fidelity Solana Reference Rate index, adjusted for fund expenses.
Mechanics and Staking Yield
According to the filing, the ETF will custody SOL directly and generate additional returns by staking a portion of its holdings through vetted providers. Shares will be listed on the Cboe BZX Exchange, though the ticker symbol has yet to be disclosed. Creation and redemption will occur in bulk baskets, primarily via authorized participants using either SOL or cash.
Daily net asset value (NAV) will be calculated using the same index methodology applied to SOL pricing. The filing indicates an annual sponsor fee tied to the fund’s SOL assets, but the percentage remains undisclosed. This fee covers most standard operating expenses, excluding unusual costs and a separate staking-related fee paid to the custodian from staking rewards.
Seed Shares and Regulatory Status
To initiate the fund, a sponsor affiliate purchased a single “Seed Share.” The trust clarified that it is not registered under the Investment Company Act of 1940, meaning investors will not receive the same regulatory protections granted to traditional mutual funds or ETFs falling under that law. Fidelity has designated the trust as an “emerging growth company,” allowing it to follow scaled-back reporting requirements initially. SEC approval of the registration is required before sales can commence.
Competitive Landscape: Multiple Heavyweights in the Running
Fidelity is not alone in pursuing a SOL ETF. A wave of major players—including VanEck, 21Shares, Bitwise, Grayscale, Canary Capital, and Franklin Templeton—have already filed their own proposals. This intensifying competition underscores growing institutional interest in Solana as a viable asset class. If the SEC greenlights any of these products, SOL ETFs could become the third major cryptocurrency ETF category after Bitcoin and Ethereum, potentially attracting further mainstream capital.