Fidelity and Canary Capital roll out spot solana ETFs, joining Bitwise, Grayscale, and VanEck
The price of solana is trading around $140, more than 50% away from its all-time high set in January.
The solana spot ETF colosseum continues to grow as competition heats up. Fidelity’s FSOL and Canary Capital’s SOLC began trading on Tuesday, with both funds also staking their token holdings to secure the solana blockchain.
Fidelity is now “the biggest asset manager in this category with BlackRock sitting out,” per Bloomberg analyst Eric Balchunas.
The news coincides with a price increase for solana, with the token rising over 4% in the last 24 hours. That said, the cryptocurrency remains down over 26% in the last 30 days to trade around $140, a far cry from its all-time high of $293 set in January.
The nascent solana spot ETFs follow financial heavyweight VanEck debuting its solana ETF on Monday and Bitwise and Grayscale’s funds, which launched in late October. Notably, Bitwise and Grayscale’s funds have only recorded daily inflows since inception.
“We are super excited to see the proliferation of ETFs on solana. This gives traditional markets investors additional avenues to access SOL exposure and ultimately serves to increasingly legitimize the solana ecosystem,” Parker White, the COO and CIO of solana treasury firm DeFi Development Corp., said.
White told Sherwood News that Fidelity’s newly launched ETF is a “strong vote of confidence” in solana. “There are a number of fixed costs that go into launching an ETF, so Fidelity is clearly bullish on the solana ecosystem to be willing to make that investment.”
