Cboe seeks approval for Fidelity's Solana ETF

Cboe BZX Exchange, a US securities exchange, has requested permission to list a proposed Fidelity exchange-traded fund (ETF) holding Solana (SOL), according to March 25 filings. 

The request now sits with the US Securities and Exchange Commission, which must approve the filing before trading of the Fidelity Solana Fund can commence on the exchange.

This is the latest in a spate of filings with the federal agency by exchanges and fund sponsors seeking to launch ETFs holding SOL and other cryptocurrencies. 

On March 12, Cboe filed to list another spot SOL ETF sponsored by asset manager Franklin Templeton.

Source: James Seyfart/Bloomberg Intelligence

Related: Solana CME futures tip impending US ETF approvals — Exec

Cboe’s filing comes after asset manager Volatility Shares launched an ETF using financial derivatives known as futures to track the performance of spot SOL. 

Launched in March, Volatility Shares Solana ETF (SOLZ) and the Volatility Shares 2X Solana ETF (SOLT) are the first ETFs providing US investors with exposure to Solana's native token. The SOLT ETF tracks SOL’s performance with 2x leverage. 

Analysts at Bloomberg Intelligence peg the odds at 70% that US regulators will approve a spot SOL ETF this year, according to a February post on X. 

Other asset managers seeking to list spot SOL ETFs include Grayscale, VanEck, 21Shares, Canary and Bitwise, according to Bloomberg Intelligence.

On March 17, the Chicago Mercantile Exchange (CME), the US’s largest derivatives exchange, launched SOL futures contracts. Experts say this is further indication that spot SOL ETFs will soon be approved in the US.

Roughly a dozen asset managers are seeking the SEC’s approval to launch altcoin ETFs in the US. The proposed ETFs for altcoins range from Litecoin (LTC) and XRP (XRP) to Dogecoin (DOGE) and Official Trump (TRUMP).

Issuers are also asking the SEC to approve changes to existing ETFs, including allowances for staking, options and in-kind redemptions. 

The SEC eased its stance on cryptocurrency after US President Donald Trump began his second term in January. 

Under former President Joe Biden, the SEC brought upward of 100 lawsuits against crypto firms, alleging various securities law violations. In 2024, the regulator greenlighted spot Bitcoin (BTC) and Ether (ETH) ETFs but stymied proposed ETFs tied to other cryptocurrencies.

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