Fidelity Investments has taken a significant step toward expanding its crypto offerings by registering the “Fidelity Solana Fund” in Delaware on March 20, sparking speculation that a spot Solana exchange-traded fund (ETF) could soon be on the horizon.

While the registration does not confirm an imminent launch, it is viewed by analysts as a strong indicator of Fidelity’s intention to explore a Solana-based investment product.

Fidelity Solana Fund Registered In Delaware

If realized, Fidelity Solana Fund would join a growing wave of interest in altcoin ETFs as major financial institutions look to broaden crypto exposure beyond Bitcoin and Ethereum.

For retail investors, a spot Solana ETF could provide a simplified and accessible entry point into the world of cryptocurrencies without the need to directly manage crypto wallets or navigate decentralized exchanges.

Institutional investors, on the other hand, would benefit from a compliant and structured approach to gaining exposure to Solana’s rapidly evolving blockchain ecosystem.

Fidelity’s action follows a broader industry trend. Several asset managers, including Franklin Templeton, Grayscale, and VanEck, have submitted filings for similar Solana-based ETFs.

Florida-based Volatility Shares LLC also recently announced plans to launch two funds that track Solana futures, marking the first futures-based Solana products in the U.S. market.

Regulatory Shift Spurs Wave of Crypto Investment Products

The SEC’s approval of several Bitcoin ETF products in early 2024 led to billions of dollars in inflows, setting a precedent for similar altcoin-based offerings. That momentum is now spilling over into other blockchain assets as investor appetite for diversified crypto exposure continues to grow.

The broader push for altcoin ETFs comes amid shifting regulatory attitudes under the current administration, which has shown a more favorable stance toward digital asset innovation. This policy change has led to a wave of filings for products based on cryptocurrencies beyond Bitcoin and Ethereum, including Solana, XRP, and Dogecoin.

Earlier this month, on March 11, the Cboe BZX Exchange requested approval from the U.S. Securities and Exchange Commission (SEC) to permit staking within Fidelity’s proposed spot Ethereum ETF—a move that, if approved, could further validate and expand the use of staking strategies in regulated financial products.