New Wave of Solana ETFs Launch in the US, Led by Fidelity, Canary Capital, and VanEck
This week saw the US exchange launches of several Solana ETFs within a three-day period, notably led by Fidelity's FSOL and Canary Capital's SOLC, with VanEck's VSOL debuting first with zero fees. Fidelity's FSOL ETF carries a 0.25% annual fee and marks Fidelity as the largest asset manager in the Solana ETF category. Canary Capital's SOLC ETF is distinguished by its integration of on-chain staking through a commodity-trust structure developed in partnership with Marinade Finance. VanEck's VSOL made a notable entry by launching with zero fees.
Other related ETFs include Bitwise's BSOL and Grayscale's GSOL, which were launched in late October. Meanwhile, the 22Shares Canton Network ETF tied to Canton Coin has been filed, indicating ongoing efforts to package permissioned-chain tokens into regulated ETFs. Additionally, Franklin Templeton has amended its registration for a spot XRP ETF, signaling progress toward regulatory approval.
Analysts have observed that early asset flows into these ETFs may primarily reflect liquidity-provider activity rather than strong long-term demand. They anticipate a clearer indication of investor interest next year if assets under management remain stable. This recent surge in altcoin ETFs reflects an increasing appetite for assets beyond Bitcoin and suggests that regulatory clarity and easing are significant factors driving these launches, not solely market demand. Bloomberg ETF analysts had forecasted the cluster of Solana ETFs prior to their release, highlighting Fidelity's FSOL in comparisons and social media posts.
