Fidelity Files S-1 With SEC, Aiming to Launch Spot Solana ETF

Fidelity Investments is officially seeking the green light to launch an exchange-traded fund (ETF) that would hold solana ( SOL) directly.

S-1 in Play: Fidelity Takes Aim at Solana With ETF Proposal

On June 13, 2025, the firm submitted its S-1 registration statement to the U.S. Securities and Exchange Commission (SEC). The proposed “Fidelity Solana Fund” would operate as a Delaware statutory trust. Its goal is to mirror SOL’s performance, based on the Fidelity Solana Reference Rate index, adjusted for fund-related expenses.

This ETF aims to keep SOL in custody and earn extra yield by staking some of its holdings through vetted providers. Fidelity plans to list shares on the Cboe BZX Exchange, though the ticker symbol remains under wraps. Shares will be created and redeemed in bulk—also called baskets—mainly by authorized participants using either SOL or cash.

Daily net asset value (NAV) will be calculated using the same index method applied to SOL pricing. The filing reveals an annual sponsor fee tied to the fund’s SOL assets, though the percentage hasn’t been disclosed. This fee will cover most standard operating expenses, except for unusual costs and a separate staking-related fee paid to the custodian from staking rewards.

To get things rolling, a sponsor affiliate bought a single “Seed Share” to set up the fund. The trust also clarified that it isn’t registered under the Investment Company Act of 1940, which means investors won’t receive the same regulatory protections given to traditional mutual funds or ETFs that fall under that law.

The SEC still needs to approve the registration before sales can begin. Fidelity has labeled the trust an “emerging growth company,” allowing it to follow scaled-back reporting rules at first. It’s worth noting: Fidelity isn’t the only player eyeing a SOL ETF. A wave of heavy hitters has jumped into the game, with SOL ETF filings pouring in from Vaneck, 21shares, Bitwise, Grayscale, Canary Capital, and Franklin Templeton.