Fidelity Solana-ETF nears approval as SOL price plunges 15% amid tariff turmoil
Fidelity Investments is making strides toward launching its spot Solana-ETF, with the U.S. Securities and Exchange Commission (SEC) recently acknowledging the filing.
The move marks a critical step in the approval process, as the SEC’s notice likely means that the application will soon be published in the Federal Register. The filing came after Cboe BZX Exchange Inc. submitted the essential 19b-4 form for the “Fidelity Solana Fund,” followed by the registration of a new statutory trust named “Fidelity Solana Fund” by CSC Delaware Trust Company. As Solana, the world’s seventh-largest cryptocurrency by market cap, continues to capture the attention of investors, this development positions the asset among the top contenders for altcoin-based ETFs—following the recent SEC nods for spot Bitcoin and Ether ETFs.
Market impact amid tariff turbulence
However, the news arrives against a backdrop of significant market volatility spurred by President Donald Trump’s sweeping reciprocal tariffs. On Thursday, Solana’s price experienced a sharp 15% decline, at one point falling below $113 before rebounding slightly to trade around $115.42 as of 4:40 p.m. EST. In contrast, both Bitcoin and Ethereum saw more modest declines, dropping over 4% during the same period. The tariffs, which affect nearly 200 U.S. trading partners, have unsettled broader crypto markets, compounding concerns over economic uncertainty and regulatory risks.
Looking ahead, industry analysts will closely monitor whether the approval of Fidelity’s spot Solana-ETF can help restore investor confidence and stabilize digital asset markets amid ongoing tariff-induced headwinds. The evolving regulatory landscape and market reaction to these measures will be key factors shaping the future trajectory of both altcoins and major cryptocurrencies.
Read also: Solana outpaces Ethereum and BNB in meme market share
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