Solana looks to be winning the race to become the next altcoin with a spot exchange-traded fund (ETF) after the US Securities and Exchange Commission (SEC) officially acknowledged the filing of the Fidelity Solana (SOL) spot ETF.
Late last week, US equities exchanges Cboe BZX Exchange Inc. filed the required 19b-4 form for the “Fidelity Solana Fund.” That came a few days after CSC Delaware Trust Company registered a new statutory trust named “Fidelity Solana Fund.”
🚨BREAKING: 🇺🇸SEC officially acknowledges Fidelity spot @Solana ETF filing. pic.twitter.com/TtAIXXQZJu
— SolanaFloor (@SolanaFloor) April 3, 2025
Next Steps For Fidelity’s Spot SOL ETF
The SEC acknowledged the filing yesterday (April 3), so the next step is for it to be published in the Federal Register. This will initiate the approval process for the new spot exchange-traded fund that tracks Solana’s price.
Following the SEC approval of Bitcoin and Ethereum ETFs last year, it has been a race to see which altcoin would be next to receive a spot ETF listing.
To this point, Ripple (XRP) has been Solana’s closest competition, with over nine firms having filed for a spot XRP ETF. However, many believe Solana has the highest hopes of being next purely because it is the furthest ahead in the long-winded process.
Along with Fidelity, Franklin Templeton has also filed an application for a spot Solana ETF, which has yet to be acknowledged by the SEC.
Franklin Templeton stated that Solana's DeFi tokens are undervalued, suggesting a "value asymmetry" compared to Ethereum, indicating potential for future growth.
— T-Pro (@tproex01) March 6, 2025
Even With A Looming ETF, Solana Is Still In The Red
Despite this hugely positive news for Solana, it comes during a period when President Donald Trump caused chaos around the world with his tariff announcements earlier this week.
With news of the harsh tariffs on over 200 of the United States’ trading partners around the world, the US dollar fell, along with the stock market, and predictably, crypto followed.
While Bitcoin is only 1% down in the past seven days, Ethereum has fallen 4.5%, and Solana dropped 9.7% in the same timeframe. Per CoinGecko, SOL fell to $112.6 yesterday on the news of President Trump’s tariffs.
It has since rebounded and is currently trading at $118.7. It sits comfortably as the seventh largest cryptocurrency with a market cap of $61 billion. Just ahead of SOL is the Binance-linked BNB token at sixth, with a market cap of $87 billion.
The hope for a Solana reversal lies in the full approval from the SEC for Fidelity’s spot SOL ETF. There is also optimism that SOL being a ‘Made in USA’ digital asset will eventually bear fruit for investors once President Trump announces the benefits previously hinted at for US-based crypto firms.
BONUS: Solana’s First Ever Layer-2 Solution, Solaxy (SOLX), Closes In On $30m Presale Funding
Investors are flocking to Solaxy (SOLX), a new Layer-2 solution for Solana, and its SOLX token presale, which has raised over $29.1 million and is close to hitting its $30 million goal.
Solaxy is building the first Solana layer-2 solution and operates by rerouting transactions off-chain during peak demand to ease network congestion and keep costs low for network users.
This innovative approach reduces transaction failures and enhances overall network efficiency, making Solana even more attractive when one does not have to worry that a crucial transaction will fail.
Beyond scaling, Solaxy prioritizes interoperability. The SOLX team is working on bridging Solana and Ethereum, enabling seamless asset transfers and dApp migration between the two biggest blockchain ecosystems.
The team recently integrated soft confirmations via a sequencer via the Sovereign SDK, further improving Solana’s throughput and user experience.
Many SOLX presale investors choose to stake their tokens for a 140% APY, one of the highest passive returns for any ongoing presale.
DISCOVER: The 12+ Hottest Crypto Presales to Buy Right Now
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Solana (SOL) look set to be the next altcoin to receive a spot ETF after Fidelity's filing is acknowledged by the SEC
- Many had believed Ripple (XRP) would receive the next spot ETF after Bitcoin and Ethereum but Solana looks set to pip them to it
- Even with news of an imminent spot ETF, Solana is down nearly 10% in the past seven days
- Solaxy (SOLX) is closing in on $30m presale funding as the first ever L2 solution on Solana
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