Fidelity Registers Solana Fund in Delaware: Is a New $SOL ETF Filing Incoming?

The world’s biggest financial institutions are starting to show their hands, with another trillion-dollar asset manager preparing to file for a Solana ETF.

Boasting over $5.8T in discretionary assets, Fidelity, the world’s third largest asset manager, is copying rival TradFi heavyweight Franklin Templeton’s playbook, registering a Solana Statutory Trust in Delaware.

What can we expect to see next from Fidelity, and where do the TradFi giant’s onchain interests lie?

Fidelity Follows Franklin Templeton

On March 20, Fidelity’s newest statutory trust, the ‘Fidelity Solana Trust’ was incorporated in the state of Delaware, as per the state’s Division of Corporations. Delaware is no stranger to statutory trusts, with financial institutions frequently incorporating funds in the state courtesy of its advantageous and versatile trust laws.

Fidelity’s incorporation of the ‘Fidelity Solana Trust’ suggests that a Fidelity Solana ETF filing might not be far away. Fellow TradFi players have followed a similar playbook, with trillion-dollar firm Franklin Templeton filing an S-1 registration statement for its own $SOL ETF a mere 11 days after the incorporation of the ‘Franklin Solana Trust’ in Delaware.

Commanding over $5T in discretionary assets, Fidelity is undoubtedly the largest TradFi player to have taken steps toward filing for a Solana ETF. According to the Blockworks ETF Tracker, Fidelity’s Bitcoin ETF ($FBTC) is the second largest Bitcoin ETF behind Blackrock in terms of AUM (Assets Under Management).

Fidelity’s seal of approval would give Solana’s credibility a significant boost among other top institutional firms, and could potentially inspire further action from rival players like Blackrock and Valkyrie.

Fidelity Bullish on Solana, RWAs

Fidelity’s growing interest in Solana could be beneficial for the network’s emerging RWA sector, which institutional firms often earmark as the bridge between TradFi and DeFi. 

Earlier this year, Fidelity Digital Assets, the firm’s blockchain research and investment arm, published a thesis bearing a positive outlook for crypto markets in 2025. The thesis highlighted RWAs as one of the crypto industry’s biggest growth and adoption opportunities, predicting that onchain RWA TVL could double within the next year.

“The total nominal amount of real-world assets on-chain currently sits at $14 billion, up from $8 billion in 2023. In our opinion, it would not be unreasonable to expect this number to double from where it currently is one year from now.” - Fidelity Digital Assets

Fidelity’s pro-RWA position was further reinforced by Blackrock’s Larry Fink, who argues that the “tokenization of securities” is the “next generation for markets.”

Combined with its bullish outlook on RWAs, Fidelity’s newfound interest in Solana could overflow to the ecosystem's emerging RWA economy. With platforms like Remora Markets bringing tokenized equities and stocks onchain, Solana’s RWA market is expected to introduce a new layer of utility to the network’s DeFi scene.

Disclaimer: Remora Markets and SolanaFloor are owned and operated by Step Finance

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