Fidelity’s Solana ETF Nears Approval After Filing Update

Fidelity Investments has filed an amended registration statement for its Fidelity Solana Fund (FSOL), a spot Solana exchange-traded fund (ETF), marking a significant step toward its potential U.S. debut. 

The updated filing, Amendment No. 4 to its S-1 registration, was submitted to the U.S. Securities and Exchange Commission (SEC) on October 29, 2025, and notably removes the “delaying amendment” clause that previously allowed the SEC to control the timing of the registration’s effectiveness.

A shift toward automatic effectiveness

According to Eleanor Terrett, host of Crypto in America, Fidelity’s decision mirrors a growing trend among issuers who are opting for automatic effectiveness under the 1933 Securities Act. Removing the delaying clause means the ETF can become effective automatically after a 20-day waiting period if the SEC takes no further action.

Terrett noted on X that this move follows Bitwise’s recent Solana Staking ETF (BSOL) launch, which used the same mechanism and successfully attracted $69.5 million in inflows on its first day. 

She added that VanEck and Canary Funds have also updated their Solana ETF filings, suggesting a coordinated push to list similar products around mid-November, pending approval from listing exchanges for their 8-A filings.

Interestingly, SEC Chair Paul S. Atkins appeared supportive of companies using the auto-effective route. While not commenting directly on Solana ETFs, Atkins said he was “pleased to see companies like MapLight using the 20-day statutory waiting period to go public,” commending the same legal mechanism that Bitwise, Canary Capital, and others have adopted for their Solana, HBAR, and Litecoin ETFs this week.

Inside Fidelity’s Solana ETF structure

Fidelity’s Solana Fund, which will trade on NYSE Arca as FSOL, is basically built to follow the real market price of Solana (SOL) using Fidelity’s own price tracking system called the Solana Reference Rate. The fund’s objective is to replicate SOL’s performance while also generating staking rewards, making it one of the first major U.S. ETFs designed to combine spot exposure with staking yield.

The filing names FD Funds Management LLC as the sponsor, CSC Delaware Trust Company as trustee, and State Street Bank as both transfer agent and cash custodian. Anchorage Digital Bank, BitGo Trust Company, and Coinbase Custody Trust Company will serve as custodians holding the fund’s SOL. 

The ETF can stake nearly all of its Solana tokens with reliable node operators to earn extra rewards for investors, while still keeping enough tokens available to handle withdrawals and regular costs.

SEC greenlights Grayscale’s Solana trust

Fidelity’s move comes just a day after the SEC approved the Grayscale Solana Trust ETF for trading on NYSE Arca, marking the first officially regulated Solana investment product for U.S. investors. The approval lets big investors and financial institutions invest in Solana through a fully regulated setup, even though the SEC is still running with fewer staff because of the ongoing U.S. government shutdown.

With Grayscale leading the way and Fidelity now aligning with the automatic-effectiveness strategy, the competition to launch a U.S.-listed Solana ETF appears to be rapidly intensifying, signaling a pivotal moment for Solana’s mainstream financial adoption.

Also Read: Bitwise to Launch Solana ETF Featuring Staking Rewards

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