The SEC has recognized Fidelity’s Solana ETF, leading to an increase in the likelihood of approval to 89%.

The SEC has recognized Fidelity’s request for a spot Solana ETF, which marks the beginning of the official evaluation process. Fidelity is now among a number of prominent asset management firms vying to introduce a Solana-based ETF. The progression of Fidelity’s attempt to launch this spot Solana ETF has advanced following the SEC’s acknowledgment of its application. The announcement made on Thursday indicates that the investment firm has started the public review process, which potentially paves the way for a Solana ETF backed by Fidelity. The submission filed via Cboe BZX Exchange aims to introduce a new regulation that would allow the Fidelity Solana ETF to be listed and traded. This is the second submission related to a Solana-based product that the exchange has processed in the past few weeks. It had earlier requested approval for Franklin Templeton, which is also interested in providing the same. Once the SEC recognizes the filing, it will be published in the Federal Register. This starts a 21-day timeframe for individuals to submit their feedback on the publication. Following this, the SEC has a timeframe of 45 to 90 days to make a decision regarding the ETF—whether to approve, deny, or defer it. Investment firms are vying for the approval of a Solana ETF. This development comes as an increasing number of asset managers seek to launch Solana-based ETFs to capitalize on the strong and expanding interest in this asset. Following this recent submission, approximately seven companies are competing to launch a Solana ETF.