Cboe Files for Solana ETF Listing with Fidelity, Joining Growing Wave of Altcoin ETFs

Cboe has filed a 19b-4 form with the U.S. Securities and Exchange Commission (SEC) to list shares of a Fidelity exchange-traded fund (ETF) that tracks the price of Solana. While this is a significant step in the SEC's approval process, Fidelity still needs to submit an S-1 registration statement outlining the product.

This filing follows Fidelity's recent registration of a Delaware Trust entity for its Solana fund, which will be based on the performance of the sixth-largest digital asset by market capitalization. As of now, Solana is trading around $147, up by nearly 1.2% in the last 24 hours, according to CoinGecko.

In addition to Fidelity, other firms like Grayscale, Bitwise, Canary, 21Shares, VanEck, and Franklin Templeton, have also submitted filings for Solana spot ETFs. Bloomberg Senior ETF Analyst Eric Balchunas has estimated a 70% chance that Solana ETFs will gain approval this year, although the timing remains uncertain.

These filings are part of a broader surge in altcoin ETFs, following the success of spot Bitcoin ETFs, which have generated over $35 billion in net inflows since their approval in January. Spot Ethereum funds have seen more modest results. Fidelity's Wise Origin Bitcoin Fund has attracted about $11.5 billion in net inflows over its 14 months of existence, ranking second among Bitcoin funds.

Florida-based Volatility Shares LLC also launched the first-ever funds tied to Solana futures, marking a major milestone for the sixth-largest cryptocurrency after the success of Bitcoin-based products.

According to CoinShares, crypto-backed investment products saw $644 million in net inflows last week, marking a rebound after five weeks of outflows. The increase was driven primarily by Bitcoin-based products, followed by Solana-focused offerings.