Fidelity Amends S-1 $SOL ETF Filing - Listing in 20 Days?

After watching Bitwise and Grayscale take control of the Solana ETF race, Fidelity joins VanEck in amending its outstanding S-1 filing in a bid to reach the market as soon as possible.

Within two days of launch, pure spot $SOL ETFs have collectively witnessed over $150M in trading volume and boast over $430M in AUM, despite only two funds being live.

When can we expect the next round of approvals, and have Solana-based DATs successfully front-run institutional flows into $SOL ETFs?

Fidelity’s Amendment Seeks ‘Auto-Effective’ Listing

For all its influence and expertise, Fidelity appears to be feeling a touch of FOMO, being left on the sidelines while Bitwise and Grayscale enjoy an unchallenged headstart in the Solana ETF race.

Fidelity has updated its outstanding S-1 registration statement, removing its “delaying amendment” and effectively enabling the fund to go “auto-effective” in 20 days. The TradFi titan is the third prospective $SOL ETF issuer to adopt this approach, joining VanEck and Canary Capital, since the launch of Bitwise’s $BSOL two days ago.

Assuming listings exchanges like NYSE approve outstanding 8-A filings, traders and investors can reasonably expect to see $SOL ETFs from Fidelity, VanEck, and Canary Capital go live in mid-November. Alternatively, the SEC could manually approve all prospective filings should the ongoing Government shutdown end before the 20-day countdown.

In a recent 𝕏 post, Chair Atkins remarked that he was “pleased to see” companies taking advantage of the 20-day statutory waiting period to get listed despite the Government shutdown. While not directly endorsing the upcoming Solana ETFs, SEC Chair Paul Atkins has publicly accepted the “auto-effective” approach, praising the very same legal mechanism employed by Bitwise. 

$SOL ETFs Enjoy Blockbuster Debut

As expected, Solana ETFs are finding a home on Wall Street and proving popular among TradFi investors. Within just two days of launch, Bitwise’s $BSOL and Grayscale’s $GSOL have attracted over $117M in fresh capital inflows, after originally being seeded with over $324M in liquidity.

According to Bloomberg Senior ETF Analyst Eric Balchunas, $BSOL witnessed over $56M in trading volume in its debut, the highest of any ETF launch in 2025. 

While impressive in its own right, $BSOL trading activity only accelerated in its second day, leading the pack with $72.41M in volume.

Have Solana DATs Muted ETF Inflows?

Despite the unorthodox launch, $SOL ETFs are undoubtedly enjoying a solid debut. However, one could argue that the litany of Solana-based DATs may have siphoned some of TradFi’s capital away from ETFs before they even launched.

Before DAT mania swept through crypto markets, ETFs were widely considered to be the primary investment vehicle for TradFi players to gain exposure to crypto markets. Digital Asset Treasuries like Forward Industries and DeFi Development Corporation have since challenged this assumption, amassing staggering amounts of $SOL and providing an alternative to ETFs.

Galaxy Digital Head of DeFi argues that “$SOL DATS are superior to ETFs in every single way”, namely due to their capacity to stake 100% of their holdings and access superior leverage, without needing to reset said leverage every day.

While this is a compelling argument, it’s worth noting that Bitwise’s $BSOL is in fact staking 100% of its $SOL through the Helius Validator.

According to the Strategic SOL Reserve, DATs collectively hold over 20.4M $SOL, valued at over $3.87B and constituting 3.55% of the total supply. 

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