Fidelity has filed for a spot Solana ETF, aligning with other major financial entities amidst the anticipation of the SEC's decision.
Fidelity's Solana ETF Filing
Fidelity submitted a filing for the "Fidelity Solana Fund" through the Cboe BZX exchange. This move aligns them with leading companies such as Franklin Templeton, VanEck, and Grayscale, all awaiting the U.S. Securities and Exchange Commission's decision on their respective Solana ETF applications.
Rising Solana Price
Following the filing, the price of SOL surged to $146 within hours, recovering from recent declines. At the time of writing, Solana's price is approximately $145, up 17% over the past 7 days.
Impact on Crypto Market
The entry of major players like Fidelity into the Solana ETF race intensifies competition and indicates growing confidence in SOL as a top-tier asset. The increasing number of Solana-based ETF applications suggests that asset managers view SOL as a promising investment option, following the success of Bitcoin and Ethereum ETFs. Approval of Solana ETFs could pave the way for institutional investments, bolstering Solana's market position.
Approval of Solana ETFs could be a game changer for Solana, encouraging broader adoption and value appreciation as more investors gain access to SOL through regulated financial products.
