SEC Weighs Approval for Fidelity Solana Cryptocurrency Fund on Cboe Exchange
Published Date: 7/10/2025
Notice
Summary
The Cboe BZX Exchange wants to start trading shares of the new Fidelity Solana Fund, which is based on the Solana cryptocurrency. The SEC is now deciding whether to approve or reject this plan by July 8, 2025. If approved, investors will get a fresh way to invest in Solana through a trusted exchange, potentially shaking up the market with new opportunities.
Analyzed Economic Effects
3 provisions identified: 2 benefits, 0 costs, 1 mixed.
Proposed Solana Fund Listing on BZX
Cboe BZX filed to list and trade shares of the Fidelity Solana Fund under BZX Rule 14.11(e)(4). The Exchange filed the proposal on March 25, 2025 and submitted Amendment No. 1 on April 1, 2025; the Commission is considering that proposed listing.
Fund Will Hold SOL and May Stake
The Trust's assets will consist only of SOL, cash, and cash equivalents; the Trust will value its Shares daily as of 4:00 p.m. ET. The Sponsor may stake all or a portion of the Trust's SOL through staking providers, and the Trust would receive all or a portion of any staking rewards.
SEC Review for Fraud and Manipulation Risks
The SEC has instituted proceedings under Section 19(b)(2)(B) to decide whether to approve or disapprove the proposed listing; it is specifically asking whether listing Shares that hold SOL is designed to prevent fraudulent and manipulative acts and to protect investors under Section 6(b)(5) of the Securities Exchange Act.
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