Solana (SOL) Price: VanEck and Fidelity Launch New ETFs as Token Trades at $134

TLDR

• VanEck Solana ETF (VSOL) launched Monday with waived 0.3% fees until February 17 or $1 billion in assets
• Fidelity Solana ETF (FSOL) and Canary Marinade Solana ETF (SOLC) both launched Tuesday
• Grayscale Dogecoin ETF expected to launch November 24 pending SEC response
• Combined Solana ETFs have attracted over $380 million in inflows despite SOL price dropping 20% weekly
• SEC’s September listing standard changes enabled faster crypto ETF approvals without individual assessments

The cryptocurrency market witnessed a wave of new exchange-traded fund launches this week. VanEck’s Solana ETF began trading Monday while Fidelity and Canary Capital followed with their own Solana funds on Tuesday.

VanEck’s VSOL joined existing Solana ETFs from Bitwise and Grayscale that debuted in late October. These three funds have collectively attracted over $380 million in investor capital.

The new VanEck fund offers staking yields similar to its competitors. Investors’ Solana tokens are locked on the blockchain to earn rewards through the staking process.

VanEck has waived its 0.3% management fee until February 17 or until the fund reaches $1 billion in assets. This temporary fee waiver aims to compete with existing funds charging 0.25%.

Fidelity Enters the Market

Fidelity’s Solana ETF launched Tuesday on NYSE Arca under the ticker FSOL. The fund charges a 0.25% management fee matching most competitors in the space.

Bloomberg ETF analyst Eric Balchunas noted Fidelity is the largest asset manager in this category. BlackRock has chosen to sit out and has expressed no interest in launching ETFs beyond Bitcoin and Ethereum.

Canary Capital partnered with Marinade Finance to launch their Solana ETF on the same day. The SOLC fund trades on Nasdaq with a 0.50% management fee.

Marinade Finance serves as the staking partner for Canary’s fund. The company has not announced any fee waivers at this time.

The Securities and Exchange Commission changed its listing standards in September. These new rules allow for faster approvals without requiring individual assessment of each fund.

Dogecoin ETFs on the Horizon

Grayscale’s Dogecoin ETF could launch as early as November 24. The fund triggered a 20-day launch window after filing amendments earlier this month.

The Grayscale Dogecoin Trust would convert from its existing fund structure. It plans to trade on the New York Stock Exchange under the ticker DOGE.

This would be the first US Dogecoin ETF able to directly hold the memecoin. REX Shares and Osprey Funds launched a DOGE ETF in September but it holds cryptocurrency through an offshore subsidiary.

Bitwise filed for its own spot Dogecoin ETF on November 6. The filing triggered another 20-day launch timer that could see the fund go live late next week.

Solana’s price has fallen despite strong ETF inflows. The token dropped 20% over the past week and 9% in 24 hours before rebounding slightly.

SOL currently trades at $134.35 after touching a 24-hour low of $129.02. Trading volume increased 60% in the last 24 hours.

Bitwise’s BSOL fund has accumulated almost $450 million in assets under management. The combined inflows demonstrate investor appetite for cryptocurrency exposure through regulated products.

Derivatives data from CoinGlass showed buying sentiment returning in recent hours. Total SOL futures open interest rose 0.61% to $7.43 billion in the past 24 hours.

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