The United States Securities and Exchange Commission (SEC) has officially acknowledged the filing for a spot Solana Exchange-Traded Fund (ETF) submitted by Fidelity Investments.

The application, which aims to list the fund on the Cboe BZX Exchange, represents a new step in Fidelity’s continued expansion into digital asset products.

This development comes during a time of market uncertainty, as broader financial markets saw declines following an announcement from former President Donald Trump about new global tariffs.

Solana (SOL), the token proposed for the ETF, dropped over 12% in the past 24 hours.

Fidelity’s proposal outlines the creation of a spot Solana ETF, named the Fidelity Solana Fund, which would hold physical SOL tokens.

According to the filing, the fund also plans to stake a portion of its holdings through verified third-party providers.

The ETF would be listed and traded under Cboe BZX Rule 14.11(e)(4), which covers Commodity-Based Trust Shares.

FD Funds Management LLC, an affiliate of Fidelity, is listed as the sponsor of the trust. The shares will be registered under the Securities Act of 1933 through Form S-1.

The Cboe BZX Exchange amended the original filing with a revised version submitted on April 1, 2025.

This Amendment No. 1 updated the March 25, 2025 filing to provide additional technical details and clarify specific elements of the rule change proposal.

The SEC has now published the notice and invited public comment.

Solana’s price decline follows a broader market downturn triggered by Trump’s statement on global tariffs.

The sudden dip in cryptocurrency and traditional markets coincided with the SEC’s acknowledgement of the ETF filing.

Despite the decline in price, Fidelity’s filing argues that Solana’s market depth and liquidity are sufficient for ETF structure.

The document notes Solana’s $2 billion daily trading volume and its $90 billion fully diluted market capitalization over the past 180 days.

Fidelity and Cboe BZX believe these figures demonstrate that the token is resistant to manipulation, even without a surveillance-sharing agreement.

The ETF’s introduction could expand access to Solana for retail and institutional investors if approved, but the SEC’s review is still ongoing.

This filing comes at a time when the SEC is shifting its approach toward crypto regulation.

On the same day as the ETF acknowledgment, the Senate Banking Committee voted 13-11 to advance Paul Atkins as the nominee for SEC Chair.

Atkins, a former SEC Commissioner and founder of Patomak Global Partners, has expressed his intent to support clearer rules for digital assets.

In recent weeks, the SEC has moved to reduce enforcement actions and reverse some earlier policy decisions.

The agency also formed a crypto-focused task force, which is expected to support a faster review process for digital asset ETF applications.

Fidelity has increased its presence in the digital asset investment space since launching its first crypto ETF in 2024.

The Fidelity Wise Origin Bitcoin Fund (FBTC) has gathered nearly $17 billion in Bitcoin assets.

In addition, its second offering, the Fidelity Ethereum Fund (FETH), currently manages over $975 million.

The firm continues to develop crypto-focused services for its clients. Fidelity recently introduced a retirement account that allows direct investment in digital assets like Bitcoin, Ethereum, and Litecoin.

This is part of a broader strategy to offer diversified options for investors seeking regulated exposure to cryptocurrencies.