Catenaa, Friday, March 28, 2025- Chicago Board Options Exchange (CBOE) has filed a request with the Securities and Exchange Commission (SEC) to list Fidelity’s proposed Solana exchange-traded fund, marking a critical step in the approval process.
The exchange submitted a 19b-4 form on Tuesday, though Fidelity must still file an S-1 registration statement detailing the fund’s structure and operations.
The move follows Fidelity’s recent registration of a Delaware Trust for the Solana-based fund, which would track the price of the cryptocurrency, currently the sixth-largest by market capitalization.
Solana was trading at approximately $145, up 1.2% in the past 24 hours, according to CoinGecko data.
Fidelity joins a growing list of asset managers—including Grayscale, Bitwise, 21Shares, VanEck, Franklin Templeton, and Canary—seeking approval for Solana ETFs. Bloomberg Senior ETF Analyst Eric Balchunas has estimated a 70% likelihood that Solana ETFs will gain SEC approval in 2025, though the timing remains uncertain.
The rush to launch spot Solana ETFs follows the success of spot Bitcoin ETFs, which have attracted over $35 billion in net inflows since their approval in January 2024. Fidelity’s Wise Origin Bitcoin Fund alone has drawn $11.5 billion in that time.
Investor interest in crypto-backed funds appears to be rebounding. CoinShares reported $644 million in net inflows into such products last week, driven mainly by Bitcoin and Solana-based funds, after five consecutive weeks of outflows.
The SEC has yet to signal when it may decide on the pending Solana ETF applications.
