The Cboe BZX Exchange has formally submitted form 19b-4 for a new exchange-traded fund focused on Solana to the U.S. Securities and Exchange Commission.
The recent filing with the SEC indicates that Cboe has officially included Fidelity’s proposed Solana (SOL) ETF among the increasing number of altcoin-related applications under review by the regulatory body.
With the 19b-4 application, Cboe seeks the SEC’s approval for a rule change that would allow the exchange to list and trade shares of the Fidelity Solana Fund. This application follows the registration of a Solana trust with the CSC Delaware Trust Company.
Fidelity Investments is now among several major players in the industry vying for regulatory clearance for spot Solana ETFs from the SEC, including Canary Capital, Franklin Templeton, Grayscale, and VanEck.
Interestingly, the 19b-4 filing arrives just a day after Fidelity requested the SEC’s approval for a blockchain-based fund that tracks its money market fund.
The Race for ETFs Intensifies
As previously noted, Fidelity is eager to launch an ETF for its on-chain fund, the Fidelity Treasury Digital Fund. This fund, identified by the ticker FYHXX, comprises cash and U.S. Treasury securities.
While the pursuit of spot ETFs escalates with Cboe BZX’s submission to the SEC, the market is also assessing interest through the performance of Solana futures ETFs. Florida-based Volatility Shares introduced the Volatility Shares Solana ETF and Volatility Shares 2X Solana ETF on March 20, 2025.
These two products, carrying the ticker symbols SOLZ and SOLT, respectively, experienced significant trading volume upon their launch, prompting analysts to speculate on potential demand.