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Chicago Board Options Exchange (Cboe) filed connected March 25 to commercialized a spot Solana (SOL) exchange-traded money (ETF) issued by Fidelity done the registration of a 19b-4 form. The determination comes 4 days aft Fidelity registered a Solana fund successful Delaware.
As of Dec. 31, Fidelity registered $5.9 trillion successful assets nether management, making it the third-largest plus manager successful the world.
The steadfast besides registers the second-largest inflows from spot Bitcoin (BTC) and Ethereum (ETH) ETFs traded successful the US, amassing astir $13 cardinal per Farside Investors’ data.
Notably, the determination comes 5 days aft the archetypal SOL-related ETFs started trading successful the US. Issuer Volatility Shares launched 2 products tracking the terms of Solana futures contracts, 1 of which offers vulnerability with 2X leverage.
Solana ETF race
Fidelity joins the database of companies aiming to connection an SOL ETF successful the US, on with 21shares, Canary Capital, Bitwise, VanEck, and Grayscale.
Comparing BTC and ETH exchange-traded products’ inflows to their marketplace caps, JPMorgan estimated successful January that SOL ETFs could spot inflows between $3 cardinal and $6 billion.
Solana futures precocious started trading successful the US connected the Chicago Mercantile Exchange (CME) connected March 17, and archetypal measurement indicates that traders person a decent appetite for SOL.
K33 caput of probe Vetle Lunde pointed retired that SOL futures traded $12.3 cardinal connected March 17, an underwhelming magnitude compared to BTC’s $102.7 cardinal and ETH’s $31 million.
However, utilizing the assets’ marketplace caps to normalize the volumes, Lunde noted that the involvement successful Solana futures aligns with Bitcoin and Ethereum.
Competitive ETF landscape
Asset managers are investigating regulatory boundaries successful the US aft President Donald Trump took the White House for a 2nd term.
Filings for altcoin-related ETFs scope from major-cap cryptos specified arsenic Litecoin (LTC), XRP, Cardano (ADA), and Polkadot (DOT) to medium-cap assets specified arsenic Hedera (HBAR) and Axelar (AXL).
Recently, Canary Capital filed for the archetypal ETF tracking the terms of a non-fungible token (NFT) collection. The money volition beryllium exposed to the PENGU token and Pudgy Penguins NFTs if approved.
Even memecoins are considered for ETFs. For example, Bitwise filed a Dogecoin (DOGE) ETF successful January, expanding the ETF contention to caller assets.
The station Cboe files exertion to database Fidelity’s spot Solana ETF appeared archetypal connected CryptoSlate.
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