Fidelity launched its spot Solana ETF (FSOL) on November 18, 2025, listing the product on NYSE Arca and marking a notable entry by a major Wall Street asset manager into the Solana ETF market. The launch followed a sequence of recently introduced Solana products, with VanEck’s staking ETF debuting on November 17, Bitwise’s spot ETP trading since October 28, and Canary Capital’s SOLC appearing on Nasdaq the next day, creating a concentrated window of market entries. Fidelity positioned FSOL as a staking-enabled spot product with a 0.25% annual management fee, distinguishing itself by combining direct SOL exposure with the potential for staking yields. Initial trading metrics showed FSOL achieved roughly $3 million in volume shortly after listing, a level that signals meaningful retail and institutional interest relative to newer peers. Market dynamics reflect a competitive and evolving landscape, where Bitwise’s BSOL had already amassed $450 million in inflows and substantial activity prior to these ETF launches, and cumulative net inflows across existing spot products reached $390 million during a 15-day streak. Total Solana ETF assets under management before the most recent launches were about $513.48 million, representing roughly 0.71% of Solana’s market capitalization, which underscores both current scale and room for growth. Fee incentives are prominent among issuers, with VanEck waiving fees through February 2026 before a 0.30% sponsor fee takes effect, and other entrants offering competitive fee schedules to attract liquidity and staking participation. Staking partnerships and mechanics are an important differentiator, with Canary Capital integrating Marinade Finance for liquid staking services that facilitate both yield generation and tradable staking exposure, while Fidelity and VanEck also structure staking capabilities into their products to varying degrees. These features may enhance returns but introduce operational considerations, including validator risk, custody complexity, and potential impacts on token liquidity, which investors should weigh. The entry of a major asset manager like Fidelity increases institutional legitimacy and competitive pressure, yet regulatory clarity, market depth, and investor due diligence remain critical factors shaping Solana ETF adoption going forward. Fidelity’s launch also places it as the fourth major issuer in the Solana ETF race. Additionally, FSOL’s early trading activity contributed to a broader 15-day inflow streak for the Solana spot ETF segment. However, investors should be aware that liquid staking involves smart contract vulnerabilities that could affect the security and liquidity of their holdings.
