The competition to launch Solana-based exchange-traded funds is intensifying as major issuers move to fast-track approvals, and Fidelity Digital Assets has taken a key step toward bringing its Solana ETF to market sooner.Â
The firm updated its S-1 filing to remove a delaying amendment that previously allowed the Securities and Exchange Commission (SEC) to control when registration becomes effective.
The amendment positions Fidelity’s fund for automatic activation after the 20-day statutory period, mirroring Bitwise’s recent approach with its BSOL ETF.Â
This shift underscores how leading firms are adapting to streamline ETF approvals amid ongoing regulatory backlogs.
Fidelity follows Bitwise’s fast-track filing route
Fidelity’s latest filing marks a strategic move within the Solana ETF race. The update, reported by crypto journalist Eleanor Terrett on X, replicates the same procedural path used by Bitwise earlier this week.
By removing the delaying amendment, Fidelity has gained the ability to let its ETF go live automatically if the SEC does not intervene within 20 days.
This approach gives issuers greater control over launch timing, a flexibility that has become increasingly valuable as the agency’s workload grows.
Terrett’s report noted that Fidelity’s decision closely aligns with a wider market trend. Other major asset managers, including VanEck and Canary Funds, have also modified their Solana ETF filings to exclude delaying clauses.
Each firm aims for potential mid-November launches, provided their respective listing exchanges approve Form 8-A submissions as scheduled.
Analyst suggested that the synchronized timing indicates a coordinated shift across the industry, where issuers are turning to self-timed registrations to avoid procedural delays.
This method gained traction when Bitwise’s BSOL ETF became the first Solana-based product to use the auto-effective structure. Its success demonstrated that issuers could bypass weeks of uncertainty tied to SEC reviews.
As a result, other firms have swiftly followed, signaling renewed confidence in the market’s ability to navigate regulatory constraints independently.
Industry adopts auto-effective structure amid SEC backlog
The SEC has not issued direct comments regarding the growing number of Solana ETF filings, but its leadership appears aware of the trend.
According to Terrett, SEC Chair Paul Atkins recently acknowledged that companies utilizing the 20-day waiting rule were operating within legal bounds.
His remarks followed MapLight’s completion of a public listing using the same legal mechanism, further reinforcing the credibility of this path.
Industry observers believe Atkins’ statement has encouraged issuers like Fidelity, Bitwise, and VanEck to move forward with their Solana ETF plans.
The alignment among these asset managers reflects a broader industry push to expand institutional access to Solana, one of the fastest-growing ecosystems in the digital asset sector.
The filings also signal a shift in regulatory strategy as issuers seek to maintain momentum despite bureaucratic slowdowns.
With multiple ETFs potentially going live before the end of the year, the market could soon see an influx of Solana-based investment products.
If the current pace continues, mid-November may mark a decisive turning point for Solana ETFs, ushering in wider institutional participation and reinforcing the blockchain’s growing position within the crypto investment landscape.