Fidelity Investments is in the process of developing an exchange-traded fund (ETF) that will track the value of Solana (SOL), as evidenced by a recent filing with the Securities and Exchange Commission.
The Cboe Exchange has submitted a 19b-4 filing to list the proposed Solana ETF from the $5 trillion investment firm. This follows the company’s registration of a Fidelity Solana Fund in Delaware just last Thursday.
At this point, Fidelity has not yet filed an S-1, which is necessary for companies that aim to issue new securities and gain listing on public stock exchanges.
With a market capitalization of $74 billion, Solana ranks as the sixth-largest cryptocurrency globally. Numerous asset management firms, including Grayscale, Franklin Templeton, and VanEck, have also submitted applications to the SEC to initiate funds that hold the token.
Just last week, two ETFs (SOLZ and SOLT) that track SOL futures were launched on the Nasdaq, marking a significant advancement toward the approval of a spot exchange-traded product.
Previously, Fidelity has introduced two spot cryptocurrency ETFs: the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH), both of which debuted last year. FBTC has garnered nearly $17 billion in assets and approximately $975 million for FETH.
Many of Fidelity’s clients are keen on acquiring cryptocurrencies, and a substantial number already possess some. The firm has been enhancing its digital asset ecosystem since 2014.