Cboe files application to list Fidelity’s spot Solana ETF

Chicago Board Choices Trade (Cboe) filed on March 25 to commerce a spot Solana (SOL) exchange-traded fund (ETF) issued by Constancy by means of the registration of a 19b-4 kind. The transfer comes 4 days after Constancy registered a Solana fund in Delaware.

As of Dec. 31, Constancy registered $5.9 trillion in belongings underneath administration, making it the third-largest asset supervisor on the earth. 

The agency additionally registers the second-largest inflows from spot Bitcoin (BTC) and Ethereum (ETH) ETFs traded within the US, amassing almost $13 billion per Farside Traders’ knowledge.

Notably, the transfer comes 5 days after the primary SOL-related ETFs began buying and selling within the US. Issuer Volatility Shares launched two merchandise monitoring the value of Solana futures contracts, one in every of which affords publicity with 2X leverage.

Solana ETF race

Constancy joins the record of corporations aiming to supply an SOL ETF within the US, together with 21shares, Canary Capital, Bitwise, VanEck, and Grayscale.

Evaluating BTC and ETH exchange-traded merchandise’ inflows to their market caps, JPMorgan estimated in January that SOL ETFs might see inflows between $3 billion and $6 billion.

Solana futures lately began buying and selling within the US on the Chicago Mercantile Trade (CME) on March 17, and preliminary quantity signifies that merchants have a good urge for food for SOL. 

K33 head of analysis Vetle Lunde identified that SOL futures traded $12.3 million on March 17, an underwhelming quantity in comparison with BTC’s $102.7 million and ETH’s $31 million.

Nevertheless, utilizing the belongings’ market caps to normalize the volumes, Lunde famous that the curiosity in Solana futures aligns with Bitcoin and Ethereum.

Aggressive ETF panorama

Asset managers are testing regulatory boundaries within the US after President Donald Trump took the White Home for a second time period.

Filings for altcoin-related ETFs vary from major-cap cryptos similar to Litecoin (LTC), XRP, Cardano (ADA), and Polkadot (DOT) to medium-cap belongings similar to Hedera (HBAR) and Axelar (AXL).

Not too long ago, Canary Capital filed for the primary ETF monitoring the value of a non-fungible token (NFT) assortment. The fund will probably be uncovered to the PENGU token and Pudgy Penguins NFTs if authorised.

Even memecoins are thought of for ETFs. For instance, Bitwise filed a Dogecoin (DOGE) ETF in January, increasing the ETF race to new belongings.

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