SEC acknowledges Fidelity’s Solana ETF filing as SOL sinks 12% on Trump tariff shock

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The US Securities and Exchange Commission acknowledged Fidelity’s application for a spot Solana ETF today, which would trade on Cboe BZX Exchange.

SOL dropped 12% in the past 24 hours amid broader market declines triggered by President Donald Trump’s announcement of new global tariffs.

The proposed Fidelity Solana Fund plans to hold physical SOL tokens and stake a portion through trusted providers.

Cboe BZX’s filing argues that Solana’s market structure can prevent manipulation without requiring a surveillance-sharing agreement, citing SOL’s $2 billion average daily trading volume and $90 billion average fully diluted market cap over the past 180 days.

The development expands Fidelity’s digital asset ETF offerings, following its March filing for a spot Ethereum ETF with staking capabilities.

The SEC’s review comes as the agency shows signs of shifting its crypto regulatory approach.

The Senate Banking Committee voted 13 to 11 to advance Paul Atkins, Trump’s nominee for SEC chair. Atkins, a former commissioner and Patomak Global Partners founder, has committed to prioritizing digital asset regulation.

“Atkins would help the SEC return to its core mission and support clearer rules for digital assets,” said Sen. Tim Scott. However, Sen. Elizabeth Warren expressed concerns over Atkins’s firm’s previous FTX connections.

This ongoing shift at the SEC includes dropping enforcement actions against major crypto firms, reversing previously controversial accounting guidance, and establishing a dedicated crypto-focused task force.

As part of this transition, many in the industry now expect the SEC to approve additional crypto ETFs in the near future, including Fidelity’s Solana ETF and other filings from Grayscale, VanEck, and Bitwise.

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