Fidelity Registers Solana Fund in Delaware, Signaling Entry into Competitive ETF Race

Fidelity Investments, one of the world's largest asset management firms, has taken a notable step in expanding its cryptocurrency offerings. On March 20, the company registered the "Fidelity Solana Fund" in Delaware, signaling potential interest in providing indirect exposure to Solana (SOL).

The registration was submitted by CSC Delaware Trust Company (#10138042) to establish the Fidelity Solana Fund. A Fidelity spokesperson has confirmed the authenticity of the filing but declined to comment on whether this move indicates plans for a Solana ETF application.

Fidelity is no stranger to crypto ETFs. As one of the earliest traditional financial institutions to enter cryptocurrency space, the company has consistently expanded its offerings in this domain. Fidelity currently manages the world’s second-largest spot Bitcoin ETF, the Fidelity Wise Origin Bitcoin Fund (FBTC), with approximately $16.46 billion in assets under management (AUM).

Recently, Fidelity Investments filed an application with the U.S. securities regulator to register a tokenized version of its U.S. dollar money market fund on Ethereum, joining the ranks of institutions like BlackRock and Franklin Templeton in blockchain tokenization initiatives.

While the SEC has yet to approve any Solana ETF applications, the registration of the Fidelity Solana Fund signals the increasing interest in Solana-focused investment products. Prior to Fidelity, other major players like Bitwise and Franklin Templeton had also registered Solana-focused funds in Delaware, underscoring the growing competition among asset managers to tap into this emerging market.