On November 18, trading began in the US for two new spot exchange-traded funds based on Solana:
- Fidelity Solana ETF (ticker: FSOL) — listed on NYSE Arca
- Canary Capital Solana ETF (ticker: SOLC) — listed on Nasdaq
Both products give investors access to the SOL token through traditional brokerage accounts, without the need to buy and custody the cryptocurrency directly.
How the new funds work
In a statement, Canary Capital said its SOLC fund uses the Marinade liquid staking protocol. This means that:
- The ETF actually holds SOL,
- The tokens are staked via Marinade,
- Fund investors benefit from staking rewards without directly interacting with DeFi protocols.
The competing product from Fidelity also earns rewards by locking up SOL, meaning investors effectively participate in staking through the ETF structure, without taking on the technical and operational risks of staking on their own.
Market view: “Welcome to the future”
NovaDiusWealth president Nate Geraci highlighted the significance of the launch: Fidelity, the third-largest asset manager in the world, has almost simultaneously started offering both direct SOL trading and a spot ETF based on Solana.
He called this a step into the future and added that he is still surprised that BlackRock is staying on the sidelines and has yet to introduce a similar Solana product.
The Solana ETF market is already heating up
Interest in spot Solana funds began to grow even before the launches from Fidelity and Canary.
- On October 28, the first spot SOL ETF from Bitwise debuted.
- After its launch, the Solana spot ETF segment saw 15 consecutive days of capital inflows.
- Other products in this segment include GSOL from Grayscale and VSOL from VanEck.
Total net inflows into Solana ETFs (excluding the two new funds from Fidelity and Canary) have already reached $390 million.
Overall assets under management stand at $513.48 million, which is roughly 0.71% of Solana’s total market capitalization.
ETFs on other altcoins: the XRP example
Asset managers’ interest in altcoins is not limited to Solana.
On November 13, Nasdaq began trading a spot ETF based on XRP under the ticker XRPC, also launched by Canary Capital.
What this means for investors
The launch of Solana ETFs from Fidelity and Canary Capital:
- makes access to SOL easier for both institutional and retail investors,
- reinforces Solana’s status as a key crypto asset in traditional financial markets,
- fits into the broader trend of spot crypto ETFs expanding beyond Bitcoin and Ethereum.
