Cboe Seeks SEC Approval to List Fidelity’s Spot Solana ETF

• Cboe BZX filed a 19b-4 form on March 25 to list Fidelity’s spot Solana ETF.
• The SEC’s stance on altcoin ETFs may shift under Trump’s administration.

Cboe BZX Exchange has officially submitted a 19b-4 filing to the U.S. Securities and Exchange Commission (SEC) to list a spot Solana (SOL) exchange-traded fund (ETF) from Fidelity. The filing, made on March 25, follows Fidelity’s registration of a Solana trust in Delaware.

Fidelity joins asset managers such as VanEck, Grayscale, 21Shares, Bitwise, and Canary Capital in seeking approval for a spot SOL ETF. Analysts estimate potential inflows of $3 billion to $6 billion based on market cap comparisons with Bitcoin (BTC) and Ethereum (ETH) ETFs.

Solana futures contracts debuted on the Chicago Mercantile Exchange (CME) on March 17. Trading volumes reached $12.3 million on launch day, lower than BTC’s $102.7 million and ETH’s $31 million. However, market cap-adjusted volumes show that demand aligns with Bitcoin and Ethereum.

On March 20, Volatility Shares launched the first Solana futures ETFs in the U.S. These include the Volatility Shares Solana ETF (SOLZ) and the leveraged Volatility Shares 2X Solana ETF (SOLT). Analysts view their performance as a gauge for future spot ETF demand.

Competitive ETF Landscape

Fidelity’s latest filing follows Cboe’s March 12 application to list Franklin Templeton’s spot Solana ETF. Multiple firms have submitted applications for altcoin-related ETFs. These include funds for Litecoin (LTC), XRP, Cardano (ADA), Polkadot (DOT), and even memecoins like Dogecoin (DOGE).

Canary Capital recently applied for an ETF tracking a non-fungible token (NFT) collection, exposing investors to the PENGU token and Pudgy Penguins NFTs. The ETF market is expanding as asset managers test regulatory boundaries.

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