The Chicago Board Options Exchange (CBOE) has formally filed with the U.S. Securities and Exchange Commission (SEC) to list and trade Fidelity’s proposed Solana (SOL) exchange-traded fund.
The move, submitted through a 19b-4 form with the regulator, starts the clock for the SEC to decide whether it will approve or deny the application. If approved, the ETF would be listed on the CBOE, offering investors regulated exposure to the Solana ecosystem without them having to directly hold the token or deal with a wallet’s private keys.
The filing follows closely on the heels of Fidelity’s registration of the ETF in Delaware, a routine step for asset managers planning U.S.-listed funds.
Fidelity Adds to Solana ETF Filings
Fidelity now joins a crowd of firms looking to launch a spot Solana ETF in the U.S. that also includes major asset managers like Grayscale, Franklin Templeton, Bitwise, VanEck, 21Shares, and Canary Capital.
The surge in filings suggests a growing institutional appetite for Solana-based investment vehicles, especially after the token’s strong performance and increasing developer activity over the past year. It’s worth noting, however, that the Solana ecosystem has seen its revenue plummet by over 90% after the memecoin trading frenzy it was benefitting from started fading.
Perceived odds of approval for a Solana ETF this year are currently at 85% on the leading prediction market, Polymarket, as traders see the more crypto-friendly Trump administration open the way for these funds.
That approval, according to data from the predictions market, is unlikely to happen before July 31, with traders then only pricing in a 31% chance of approval that has been steadily declining as time goes by.
While a spot SOL ETF isn’t yet publicly available, some firms have now started investing in Solana, with Sol Strategies having recently boosted its SOL holdings. The price of the cryptocurrency, however, has been enduring a significant downtrend.
The price of Solana is down by more than 25% over the last 12 months amid a wider cryptocurrency market downturn. From its high seen earlier this year, however, the token is down by more than 44%.
