Fidelity's Solana ETF 19b-4 filing submitted by Cboe BZX for regulatory approval

Cboe BZX Exchange has submitted form 19b-4 to the U.S. Securities and Exchange Commission (SEC) for a new Solana exchange-traded fund (ETF).

The SEC filing means that Cboe has added Fidelity's proposed Solana (SOL) ETF to the list of altcoin-related applications awaiting approval by the U.S. securities regulator.

The form 19b-4 submission seeks the SEC's approval of a proposed rule change that would allow the exchange to list and trade shares of the Fidelity Solana Fund. The application follows the registration of a Solana trust with the CSC Delaware Trust Company.

Fidelity Investments is now among several industry players seeking regulatory approval for spot Solana ETFs from the SEC. Others include Canary Capital, Franklin Templeton, Grayscale, and VanEck.

Cboe BZX's filing of the 19b-4 form comes a day after Fidelity also sought the SEC's greenlight for a blockchain-based fund that tracks its money market fund.

Race for ETFs intensifies

As previously reported, the company is planning to launch an ETF for its on-chain fund, the Fidelity Treasury Digital Fund. The fund, with the ticker FYHXX, holds cash and U.S. Treasury securities.

As the competition for spot ETFs heats up with Cboe BZX's filing with the SEC, the market is looking to gauge demand through the performance of Solana futures ETFs. Florida-based Volatility Shares debuted the Volatility Shares Solana ETF and Volatility Shares 2X Solana ETF on March 20, 2025.

The two products, with ticker symbols SOLZ and SOLT respectively, saw significant trading volume on their launch, prompting analysts to predict potential demand.