Fidelity Investments is attempting to launch an exchange-traded fund (ETF) that tracks the value of Solana (SOL). A recent filing submitted to the U.S. Securities and Exchange Commission (SEC) revealed this development.

Key Points:

• Fidelity has applied for a Solana ETF with the Cboe Exchange.
• Competitors like Grayscale, Franklin Templeton, and VanEck are also pursuing similar products tied to the asset.

Currently ranked sixth in terms of market capitalization at $74 billion, Solana has garnered significant interest from asset managers eager to establish funds based on its value.

The Cboe Exchange’s recent filing to list Fidelity’s Solana ETF marks a pivotal moment for the firm, which previously registered a Fidelity Solana Fund in Delaware.

Fidelity’s journey towards launching a public offering is still in development, as they have not yet submitted the necessary S-1 filing which is mandatory for new securities.

Fidelity’s prior success with its ETFs includes two products launched last year — the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH). The FBTC has collected almost $17 billion in assets, while FETH manages about $975 million. The firm has been enhancing its digital asset services since 2014.

Fidelity CEO Abigail Johnson Fidelity CEO Abigail Johnson