Fidelity Launches Solana ETF with $3.3 Million Seed Funding

Fidelity has launched a new exchange-traded fund (ETF) focused on the Solana blockchain, marking a significant step in institutional adoption of the cryptocurrency. The firm seeded the Fidelity Solana ETF (FSOL) with 23,400 SOL tokens valued at $3.3 million, utilizing BitGo, Coinbase, and Anchorage Digital for secure custody. This launch signals increasing interest from major asset managers in expanding their digital asset offerings. It comes amidst similar moves by VanEck and Canary Capital, further fueling broader market dynamics.