Fidelity’s Solana ETF (FSOL) and Canary Marinade Solana ETF (SOLC) launched on Tuesday.
This brings the total number of Solana spot ETFs to five, offering more ways for investors to trade the cryptocurrency.
Fidelity Solana ETF, an SEC filing on November 18, will waive its 0.25% management fee over 6 months. Furthermore, Fidelity will pay staking rewards on the first $1 billion of assets under management.
Fidelity leads Solana ETFs with FSOL on NYSE Arca
The ETF will be traded using the ticker name FSOL in the NYSE Arca. According to Bloomberg senior ETF analyst Eric Balchunas, the entry of Solana in the market by Fidelity makes the company an established industry leader.
BlackRock has already decided not to get into any further investments besides Bitcoin and Ethereum ETFs. Bloomberg analyst Balchunas called the launch ‘Game on,’ highlighting that Bitwise’s BSOL is approaching $450 million in assets under management.
ETF Prime host Nate Geraci shared that the third-largest asset manager in the world, Fidelity, is now providing direct exposure to Solana. This growth also consolidates the position of Fidelity in the crypto market that is expanding.
Bloomberg ETF analyst James Seyffart added that Canary Capital, in collaboration with Marinade Finance, will introduce its Solana ETF with the ticker line SOLC, according to a CERT filing with the US SEC. The management fee of the SOLC ETF will be 0.50%, whereas there is no fee waiver declared.
Solana price struggles despite ETF inflows
Solana has also demonstrated some positive growth, as it is now trading at $140.28, which is a 1.73% increase in the last 24 hours. Nonetheless, its trading volume has been reduced by 36.38%, which implies a reduction in interest among traders even after the recent price rise.
With the inflows in Solana ETFs still taking place, Solana continues to be under pressure. The Solana price has reduced by 9.8% over the last week. VanEck Solana ETF (VSOL) launched on Monday, adding to nearly $400 million in Solana ETF inflows.
CoinGlass data revealed that there is growing activity in Solana futures. Solana futures open interest increased by 0.44% to a current total of $7.35 billion. The 4-hour SOL futures open interest climbed nearly 0.34%.
These Solana ETFs mark a new direction in institutional investment into the cryptocurrency. As these products gain popularity, the market will be interested in their effect on Solana’s price and the crypto market.