Fidelity Files Amended Registration for Solana ETF
Fidelity Investments filed an amended registration for its Fidelity Solana Fund (FSOL). This spot Solana exchange-traded fund (ETF) aims for a future U.S. launch. The updated filing, Amendment No. 4 to its S-1 registration, was submitted to the U.S. Securities and Exchange Commission (SEC) on October 29, 2025. The filing removes the “delaying amendment” clause that let the SEC control when the registration becomes effective.
Shift Toward Automatic ETF Effectiveness
Removing the delaying clause means the ETF can become effective automatically after a 20-day waiting period. This happens if the SEC does not take further action. Eleanor Terrett, host of Crypto in America, said Fidelity follows a trend among issuers choosing automatic effectiveness under the 1933 Securities Act.
Terrett noted on X that Bitwise’s Solana Staking ETF (BSOL) recently used this mechanism. BSOL gained $69.5 million in inflows on its first day. She added that VanEck and Canary Funds have also updated their Solana ETF filings, aiming for mid-November launches. These depend on approval from listing exchanges for their 8-A filings.
SEC Chair Paul S. Atkins expressed support for using the automatic effectiveness route. He praised companies like MapLight for using the 20-day statutory waiting period to go public. Atkins commended this legal approach, which Bitwise, Canary Capital, and others have adopted for Solana, HBAR, and Litecoin ETFs.
Details on Fidelity’s Solana ETF Structure
Fidelity’s Solana Fund will trade on NYSE Arca under the ticker FSOL. It aims to track Solana’s (SOL) market price using Fidelity’s Solana Reference Rate. The fund seeks to match SOL’s performance and generate staking rewards. This makes it one of the first major U.S. ETFs combining spot exposure with staking yield.
The filing lists FD Funds Management LLC as sponsor, CSC Delaware Trust Company as trustee, and State Street Bank as transfer agent and cash custodian. Anchorage Digital Bank, BitGo Trust Company, and Coinbase Custody Trust Company are custodians for the fund’s SOL tokens.
The ETF can stake nearly all its Solana tokens with trusted node operators to earn rewards. It will keep enough tokens accessible for withdrawals and routine expenses.
SEC Approves Grayscale’s Solana Trust ETF
Fidelity’s update arrives one day after the SEC approved the Grayscale Solana Trust ETF for NYSE Arca trading. This is the first regulated Solana investment product for U.S. investors. The approval allows large investors and institutions to access Solana through a fully regulated product. This comes despite the SEC operating with fewer staff due to the ongoing U.S. government shutdown.
With Grayscale leading and Fidelity using the automatic-effectiveness approach, competition to launch a U.S.-listed Solana ETF is growing. This signals a key moment for Solana’s adoption in mainstream finance.
