NYSE Arca has filed a statement of approval for the Fidelity Solana Fund, the last step before the vehicle starts trading. Solana already has four active ETFs and ETPs.
Fidelity Solana Fund may start trading soon, after NYSE Arca filed its approval with the US Securities and Exchange Commission.
The ETF will trade under the Securities Act of 1934, and the filing is the final step before trading begins. The Bitwise Solana ETF was certified on October 27 and started trading just days after the filing.
The Solana-based ETF will be the third vehicle for Fidelity, which has already launched an ETF for BTC and ETH. Solana has received some of the relatively fast ETF approvals. The coming days will gauge the general mainstream interest in crypto, based on ETF netflows.
Fidelity filed its S-1 form on October 30, taking another key step toward the fund’s trading launch. Recently, Fidelity also opened direct SOL purchases for its brokerage clients.
Van Eck’s Solana ETF starts trading
Along with the pre-listing approval of Fidelity’s fund, Van Eck’s SOL ETF started trading with the ticker VSOL.
VSOL launched on Nasdaq with zero fees in the initial stage. The ETF will expose investors to SOL investments, as well as to passive income of 6% to 7% from staking the underlying SOL.
The zero-fee trading for VSOL will continue from November 17 to January 17, 2026, or until the first $1B in fees, whichever comes first. VSOL will use a third-party staking provider, which will also waive its on-chain fees. After the initial period, the ETF fee will be established at 0.30%.
After the initial interest in the Solana ETF, inflows stalled on November 17. For now, there have been no outflows from the ETF for a streak of more than 10 days. However, the coming days will show if the trend is retained.
SOL slides despite external buying
After the most recent market downturn, SOL slid further, to $131.19. In the past month, the SOL market deleveraged, sliding down to $2.7B in open interest.
At the current price level, SOL has a potential scenario of dipping further or breaking out from the lows in the case of a recovery.
A part of the slide for SOL may come from Forward Industries. One of the leading SOL treasuries started moving SOL to exchanges. On November 17, the fund started sending SOL to Coinbase Prime, sparking fears of an eventual sale.
Forward Industries holds 6.82M SOL in the biggest treasury so far, and selling may be a sign of unraveling for Solana-based treasury companies.
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