Fidelity updates S-1 registration for Solana spot ETF

Fidelity has submitted an updated application for the Solana spot ETF to the SEC, removing the delay clause to move closer to launch. The fund is expected to stake nearly 100% of the SOL held, providing an annual yield of about 7%, while only keeping a small portion of liquidity for daily trading. Fidelity also plans to build its own price index for SOL.

This move comes after the company opened Solana trading on platforms such as Fidelity Crypto and Digital Assets, making it easier for individual and institutional investors to access. Solana is described by Fidelity as a blockchain that processes around 60,000 transactions per minute at extremely low costs.

At the same time, Bitwise and Grayscale have also launched a Solana ETF, with Bitwise's BSOL attracting $69.5 million just on the first day. The SEC has recently approved the 21Shares Solana Spot ETF, expanding the wave of altcoin ETFs in the US.

SOL-7.01%
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