Big news for Solana fans! Investment giant Fidelity Investments is making moves to launch a brand new exchange-traded fund (ETF) that tracks the price of Solana (SOL). This exciting development came to light in a filing submitted to the Securities and Exchange Commission (SEC) on Tuesday.

It appears the Cboe Exchange has officially put the wheels in motion, uploading a crucial 19b-4 filing to list this proposed Solana ETF. This ETF is backed by none other than Fidelity, a Wall Street heavyweight managing a staggering $5 trillion! Interestingly, this filing follows Fidelity’s recent registration of a “Fidelity Solana Fund” in Delaware just last Thursday, hinting at their serious intentions.

Now, while things are progressing, there’s still a key step to watch out for. Fidelity hasn’t yet submitted the S-1 filing. This document is essential for any company wanting to issue a new security and get it listed on a public stock exchange, so it’s definitely one to keep an eye on in this ETF journey.

Let’s talk about Solana itself for a moment. With a market cap of around $74 billion, it’s currently the sixth-largest cryptocurrency globally – a major player! And Fidelity isn’t alone in seeing Solana’s potential. Other big asset managers like Grayscale, Franklin Templeton, and VanEck have also jumped into the ring, filing their own applications with the SEC to launch Solana-based funds.

Adding to the positive momentum, just last week we saw a significant milestone for Solana. Two ETFs (SOLZ and SOLT) tracking Solana futures started trading on Nasdaq! This is widely considered an encouraging sign and a step closer towards getting a spot Solana ETF – like the one Fidelity is proposing – approved.

It’s worth remembering that Fidelity isn’t new to the crypto ETF game. They’ve already launched two successful spot crypto ETFs: the Fidelity Wise Origin Bitcoin Fund (FBTC) and the Fidelity Ethereum Fund (FETH). Both of these launched last year and have been quite a hit. FBTC has pulled in close to $17 billion in assets (mostly Bitcoin, naturally!), and FETH is managing around $975 million.

Why is Fidelity so interested in crypto? Well, a big part of it is their clients! Many Fidelity customers are keen on owning cryptocurrencies, and a significant number already do. Fidelity has been proactive in this space, quietly building up its digital asset ecosystem since as far back as 2014, showing their long-term commitment to crypto.