Fidelity Solana Fund Registered as Statutory Trust in Delaware

Fidelity Investments officially registered the “Fidelity Solana Fund” as a statutory trust in Delaware on March 20, 2025. This move has sparked speculation about a potential spot Solana exchange-traded fund (ETF), though Fidelity has not confirmed an imminent ETF launch. The registration, filed under Delaware filing #10138042 by CSC Delaware Trust Company (a subsidiary of CSC, a business formation specialist), aligns with steps Fidelity took before launching its successful Fidelity Wise Origin Bitcoin Fund (FBTC), which now manages over $16.5 billion in assets.

The filing signals Fidelity’s intent to expand its cryptocurrency offerings beyond Bitcoin and Ethereum, targeting Solana—a blockchain known for its high transaction speeds and growing ecosystem. While a Fidelity spokesperson confirmed the registration’s authenticity, they declined to elaborate on whether it’s a definitive precursor to an ETF proposal. Reports from outlets like The Block and Crypto News Flash corroborate the registration date and its potential implications, though details remain sparse.

Delaware’s business-friendly environment makes it a common choice for such registrations, as seen with other asset managers like Bitwise and Franklin Templeton, who also filed Solana-related trusts there. The Fidelity Solana Fund’s registration reflects growing institutional interest in Solana, but any ETF launch would require SEC approval, which remains uncertain given the agency’s cautious stance on altcoin ETFs beyond Bitcoin and Ethereum. For now, it’s a concrete step, but its full scope is still unfolding as of March 25, 2025.

Fidelity’s registration of the “Fidelity Solana Fund” in Delaware on March 20, 2025, has sparked widespread discussion about the implications of a potential spot Solana exchange-traded fund (ETF). While no formal ETF application has been filed with the SEC yet, this move—mirroring steps Fidelity took before launching its successful Bitcoin ETF (FBTC)—suggests a strategic intent to bring Solana into mainstream finance. Here’s a breakdown of the potential implications based on current trends, market dynamics, and regulatory context as of March 25, 2025.

Historically, ETF filings and approvals have driven price surges in cryptocurrencies. For instance, Bitcoin rallied over 60% in the months following the first U.S. spot Bitcoin ETF approval in January 2024, and BlackRock’s Bitcoin ETF filing alone triggered a 20% spike within two weeks. Solana, with a market cap of around $66 billion and trading near $188 as of late March 2025, could see similar speculative momentum. Analysts reports suggest SOL could break $200 if a filing is confirmed, potentially nearing its all-time high of $260 if approved, especially given its lower market cap and higher growth potential compared to Bitcoin or Ethereum.

Institutional inflows could be substantial. Estimates from financial firms like JPMorgan project a spot Solana ETF could attract $3 billion to $6 billion in its first year, boosting liquidity and visibility. This influx would likely amplify SOL’s price, though it could also increase volatility, as seen with Bitcoin post-ETF launch. However, Solana’s price stability—holding above $190 despite regulatory uncertainty—indicates underlying investor confidence that could be supercharged by ETF hype.

Fidelity’s entry, managing over $15 trillion in assets, signals a shift in institutional interest beyond Bitcoin and Ethereum. A Solana ETF would open doors for traditional investors—retirement funds, hedge funds, and wealth managers—to gain exposure without navigating crypto exchanges or custody risks. This legitimization could position Solana as a mainstream asset, akin to how Bitcoin ETFs bridged Wall Street and crypto in 2024. Posts on X highlight this as a “power move” enhancing Solana’s credibility, potentially spurring further adoption in decentralized finance (DeFi) and real-time applications where Solana excels due to its high throughput (currently 20,000 TPS on MegaETH’s testnet).

An ETF could fuel Solana’s ecosystem by increasing capital availability. More liquidity might inspire developers to build new projects, leveraging Solana’s low-cost, high-speed blockchain—already a hub for NFTs and DeFi. The MegaETH testnet’s success (1.7 gigagas/second compute power) underscores Solana’s technical edge, which could be amplified by institutional backing. Web sources suggest this could drive broader blockchain innovation, positioning Solana as a leader in mass-adoption use cases like gaming or tokenized assets.

The biggest wildcard is the U.S. Securities and Exchange Commission (SEC). The SEC has yet to approve a spot ETF for any altcoin beyond Bitcoin and Ethereum, partly due to concerns over market manipulation and asset classification. Solana has been flagged as a potential security in SEC lawsuits against Binance and Coinbase, creating uncertainty. While a Trump administration (inaugurated January 20, 2025) and a crypto-friendly SEC chair nominee, Paul Atkins, might ease this stance, approval isn’t guaranteed. Bloomberg’s James Seyffart estimates a 2026 timeline due to the SEC’s 240–260-day review process, though others, like VanEck’s Matthew Sigel, peg odds at “overwhelmingly high” for 2025.

A futures-based Solana ETF launched by Volatility Shares (SOLZ and SOLT) on March 20, 2025, could bolster the case for a spot ETF by establishing a regulated futures market—a precedent the SEC used for Bitcoin. Yet, weak futures demand might signal to regulators that Solana lacks broad appeal, slowing approval. Technical risks, like Solana’s past network congestion (70% transaction failure rates in early 2024), could also resurface as concerns, though recent upgrades suggest improvement.

Fidelity isn’t alone. Bitwise, Franklin Templeton, VanEck, 21Shares, and Grayscale have also registered Solana trusts or filed ETF proposals, intensifying the race. Fidelity’s regulatory savvy—evidenced by FBTC’s $16.5 billion AUM—gives it an edge, but competition could fragment inflows or pressure fees, impacting investor returns. Franklin Templeton’s proposal to include staking rewards as income adds a unique twist, potentially setting a precedent for yield-bearing crypto ETFs.

A Solana ETF could open floodgates for other altcoin ETFs (XRP, Dogecoin, etc.), diversifying crypto investment options. It might also shift market share from Ethereum, given Solana’s efficiency advantages, though Ethereum’s entrenched ecosystem remains a formidable rival. The crypto industry’s push for regulated products under a more favorable U.S. administration suggests 2025 could mark a turning point, with Solana at the forefront.
a Fidelity Solana ETF could drive price gains, institutional adoption, and ecosystem growth, cementing Solana’s role in finance.