Fidelity Investments took a meaningful step toward launching a spot Solana ETF on Wednesday, filing Amendment No. 4 to the S-1 registration for the proposed Fidelity Solana Fund (ticker: FSOL) with the U.S. Securities and Exchange Commission on Oct. 29, 2025.
The amended prospectus removes a previously included “delaying amendment” clause, a change that could speed the path to trading if the SEC does not take further action.
The trust, which seeks to track the performance of SOL via a Fidelity Solana Reference Rate, continues to target listing on the Cboe BZX Exchange and to hold the cryptocurrency directly as the fund’s principal asset.Â
Fidelity first filed for a Solana spot product earlier in 2025 and has updated its registration several times as it prepared to meet SEC disclosure and operational requirements.
Removing the “delaying amendment” is significant because it signals issuers’ preference for automatic effectiveness under the 1933 Securities Act, meaning a registration can become effective after a statutory waiting period if the SEC does not object.
Market participants interpreted Fidelity’s move as an effort to put the ETF in a position to begin trading quickly once the regulator clears the final procedural hurdles.
The filing arrives as several other managers have filed or amended S-1s for spot Solana products and as the broader industry watches for the SEC’s next actions on crypto ETPs. Observers have warned that administrative disruptions, including earlier pauses to SEC processing tied to government funding issues, could still delay approvals even after issuers finalize filings.
If approved, a Fidelity-sponsored Solana ETF would represent another major entrant from an incumbent asset manager into token-based exchange-traded products, joining a growing roster of firms positioning to offer single-asset crypto ETFs to U.S. investors.
For now, the market will watch the SEC’s response to Amendment No. 4 and whether FSOL moves from registration to the trading window.