Fidelity's Solana Crypto Fund Heads to Cboe Exchange Trading
Published Date: 4/9/2025
Notice
Summary
The Cboe BZX Exchange wants to start listing and trading shares of the new Fidelity Solana Fund, which is tied to the Solana cryptocurrency. This change affects investors looking for fresh ways to invest in crypto through a trusted exchange, with trading expected to begin soon after approval. It’s a cool new option that could shake up how people invest in digital assets, with no set end date for the fund.
Analyzed Economic Effects
6 provisions identified: 5 benefits, 0 costs, 1 mixed.
Fund May Stake SOL for Rewards
The Trust will hold spot SOL and the Sponsor may stake all or a portion of the Trust's SOL through staking providers. Any staking rewards the Trust receives may be treated as income to the Trust, and incidental rights from forks or airdrops will be disclaimed and excluded from NAV calculations.
Segregated Cold-Storage Custody Promised
The Trust's SOL will be held by a third-party Custodian in segregated cold-storage addresses separate from the Custodian's other customer addresses, with the Custodian safeguarding private keys and not withdrawing, loaning, hypothecating, pledging, or encumbering the Trust's SOL without the Trust's instruction.
Creation/Redemption Structure and Minimum Listing
The Trust will create and redeem Shares in cash or in-kind in Creation Baskets based on the Trust's NAV (calculated as of 4:00 p.m. ET), and a minimum of 100,000 Shares must be outstanding at the commencement of listing on the Exchange.
New Exchange-Traded Solana Fund
The Cboe BZX Exchange filed on March 25, 2025 (Amendment No. 1 on April 1, 2025) to list and trade shares of the Fidelity Solana Fund, a trust formed March 20, 2025 that holds spot SOL. The Shares will be registered on Form S-1 and will not trade on the Exchange until that registration statement is effective.
Daily NAV and 15-Second IIV Transparency
The Trust will calculate NAV once per day using the Index as of 4:00 p.m. ET and will publish an Intraday Indicative Value (IIV) every 15 seconds during Regular Trading Hours (9:30 a.m. to 4:00 p.m. ET); price and last-sale information for the Shares will be disseminated via the Consolidated Tape Association and major market data vendors.
Trading Halts for Index/NAV Interruptions
The Exchange may halt trading in the Shares if trading in the underlying SOL is not occurring, if the Intraday Indicative Value (IIV) or Index value is not being disseminated (including halting if such an interruption persists past the trading day), or if the NAV is not available to all market participants at the same time.
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