Fidelity and Canary Capital Launch Solana ETFs

Fidelity and Canary Capital launch Solana ETFs on NYSE Arca and Nasdaq.

On November 18, trading commenced for spot exchange-traded funds based on Solana from Fidelity (FSOL) and Canary Capital (SOLC) on the NYSE Arca and Nasdaq exchanges, respectively.

At the time of writing, FSOL’s trading volume reached $3 million, while SOLC’s was significantly lower at approximately $35,000. Data on AUM and inflows are not yet available.

According to a statement from Canary, their ETF provides access to the native SOL token through the Marinade liquid staking protocol. 

The competing product also earns rewards through coin locking. 

Nate Geraci, President of NovaDiusWealth, noted that Fidelity, the world’s third-largest asset manager, launched direct SOL trading and a spot ETF based on the asset almost simultaneously.

“Welcome to the future. Still surprised that BlackRock is sitting this one out,” he added. 

Since the debut of the spot SOL-ETF from Bitwise on October 28, products in the segment have recorded a 15-day inflow streak. Other funds include GSOL from Grayscale and VSOL from VanEck. 

Cumulative net inflows into these instruments have reached $390 million (excluding the two new products). The total assets under management amount to $513.48 million, representing 0.71% of Solana’s market capitalization.

On November 13, trading began on Nasdaq for spot ETFs based on XRP under the ticker XRPC from Canary Capital.