Fidelity Joins Solana ETF Race: Files 19b-4 Form via Cboe

Fidelity, one of the world’s largest asset managers, has finally thrown its hat in the ring and filed for a Solana ETF through the Cboe BZX Exchange.

Boasting over $5.9T in discretionary assets, Fidelity replaces Franklin Templeton as the largest institutional firm bringing $SOL to Wall Street.

With TradFi’s biggest players clamoring to give their clients exposure to crypto’s most active ecosystem, how long will it be before BlackRock joins the Solana ETF race?

Fidelity Files for Solana ETF via Cboe

On March 25, Cboe BZX Exchange submitted a 19b-4 filing to the SEC, aiming to list a Solana ETF on behalf of multi-trillion-dollar asset manager Fidelity. The listing comes mere days following the asset manager’s incorporation of the ‘Fidelity Solana Trust’, a Delaware-based statutory trust.

The landmark filing kicks off proceedings between Fidelity and the SEC that could lead to the listing of an exchange-traded fund tracking the price of Solana in traditional markets. A Solana ETF effectively enables institutional investors to gain exposure to $SOL, without needing to concern themselves with the complexities of blockchain technology.

However, the 19b-4 form only represents one piece of the puzzle. Fidelity is expected to file a follow-up S-1 registration statement offering deeper insight into the fund’s operation, including management fees and potential staking mechanics.

According to Blockworks Research, Fidelity is the second-largest Bitcoin ETF operator by AUM (Assets Under Management) behind BlackRock, the industry leader.

All Eyes on BlackRock

With Fidelity and Franklin Templeton leading the charge, pressure is mounting on BlackRock, the largest asset manager in the world, to join the fray. 

Despite BlackRock Head of Product Rachel Aguirre’s recent vague response on the possibility of an upcoming Solana ETF, the TradFi heavyweight appears to be changing its tune on the network.

On March 25, Securitize, a tokenization protocol, announced that Blackrock's blockchain-based money market fund, BUIDL, would deploy on the Solana blockchain. The expansion suggests that BlackRock and its partners recognize the growing demand for TradFi assets on Solana, the industry’s biggest network in terms of user activity and DeFi trading.

While Blackrock has been non-committal and ambiguous on whether it will file for a Solana ETF, the asset manager risks being sidelined if approval comes quickly. The SEC has already acknowledged filings from rival firms, suggesting that filings from key players like Franklin Templeton, Grayscale, and VanEck could be approved within the next 45 days.

If Solana ETFs from rival firms get approved before BlackRock joins the race, the asset manager’s clients risk being excluded from the price appreciation that could come with growing adoption and demand for Solana at an institutional scale.

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