news 
Fidelity makes a major crypto play – Joins the Solana ETF race
Fidelity, a $15 trillion asset manager, has made a significant move in the cryptocurrency space by filing a 19b-4 form with the SEC (Securities and Exchange Commission) for a spot Solana [SOL] exchange-traded fund (ETF). This filing was made through Cboe BZX exchange.
This development marks Fidelity’s entry into the Solana ETF race, leaving only BlackRock as the remaining major player yet to file an application. Grayscale, 21Shares, Bitwise, Canary Capital, and VanEck had already submitted their filings earlier.
The market had been expecting approval for these ETFs, with a staggering 86% expectation rate on Polymarket. The SEC acknowledged all the filings in February and entered them into the Federal Register (FR), which kicked off a 240-day window for an approval decision to be made. Franklin Templeton’s filing has yet to reach the FR.
It’s no surprise that Fidelity had been building up to this move, having registered a trust in Delaware on March 20th. This is a common pathway for issuers looking to file a new ETF application.
Solana (SOL) was seen as one of the top contenders in the altcoin ETF lineup following recent approval and listing on CME Futures. Other digital assets like Litecoin (LTC), Polkadot (DOT), Avalanche (AVAX), Sui (SUI), and Dogecoin (DOGE) also attracted interest from issuers, but Nate Geraci of ETF Store believes that the SEC might not grant approvals to all altcoin ETFs. “I’m optimistic about approval of various altcoin ETFs, but the SEC will likely draw a line somewhere,” he explained.
Meanwhile, market speculators are betting on Solana’s price increase, with $70 million worth of SOL withdrawn from exchanges over the past seven days and an astonishing $470 million in three weeks. This surge in withdrawals suggests that there may be expectations for the asset to rise in value.
Source: https://ambcrypto.com/fidelity-makes-a-major-crypto-play-joins-the-solana-etf-race/
