By registering a Fidelity Solana Fund in Delaware, Fidelity Investments took a pivotal step toward launching a Solana (SOL)-focused investment product.
Financial giant Fidelity Investments, known for managing an astounding $15.1 trillion in client assets, is making a significant move into the Solana ecosystem.
According to a new filing with Delaware Division of Corporations, Fidelity has registered a new fund called "Fidelity Solana Fund" on March 20, 2025. This new fund could be a precursor to a potential spot Solana (SOL) exchange-traded fund (ETF).
The Delaware filing, with the number #10138042, will allow Fidelity to offer investors an indirect way to gain exposure to solana, a cryptocurrency that runs on a blockchain network renowned for its blazing-fast transactions and low fees.
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This move by Fidelity comes as no surprise, considering its previous forays into the crypto market with bitcoin (BTC) and ethereum (ETH) ETFs earlier in 2025. It also aligns with the broader industry trend. Competitor Bitwise was the first to register a solana ETF trust in Delaware in January, followed by Franklin Templeton with its Franklin Solana Trust submission in February.
Both Bitwise and Franklin Templeton later filed to list their respective solana ETFs with the U.S. Securities and Exchange Commission (SEC). These actions mark the escalating competition among asset managers to capitalize on the burgeoning demand for diverse cryptocurrency investment products.
However, the approval from the SEC, which has been taking a more measured approach to new product launches, is still pending. After a brisk approval rate during the Trump administration due to its friendliness toward the crypto industry, the Biden administration has seen Operation Chokepoint and the SEC come down hard on crypto firms.
A successful launch of a solana ETF could herald a surge in institutional participation in the cryptocurrency market. To date, bitcoin and ethereum are the only digital assets to receive the SEC's approval for ETFs, while other altcoins, including solana, are still pending.
Solana’s role in decentralized finance (DeFi) and digital collectibles (NFTs) could drive demand for a solana ETF. However, despite its surging popularity, solana’s appeal still lags behind bitcoin and ethereum by a considerable margin.
Like the other firms venturing into the solana ETF market, Fidelity's new fund signals the deepening ties between traditional finance (TradFi) and digital asset markets. While the timeframe for a potential solana ETF launch is yet to be determined, this latest development showcases the ongoing institutional interest in blockchain technology as regulatory landscapes evolve and investor preferences shift.
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