$850M Boost: Fidelity & Canary to Launch New Solana ETFs on Tuesday
Fidelity and Canary Marinade are preparing to launch 2 brand-new spot Solana ETFs on Tuesday. Big deal, because this will bring...
Quick overview
- Fidelity and Canary Marinade are set to launch two new spot Solana ETFs, increasing the total number of tradable Solana funds in the US from four to five.
- Fidelity's ETF, FSOL, has been approved for listing on NYSE Arca with a management fee of 0.25%, while Canary Marinade's SOLC will launch with a higher fee of 0.50% on Nasdaq.
- Despite a 20% decline in Solana's market price over the past week, institutional interest remains strong, with ETF inflows nearing $400 million.
- Market indicators suggest improving sentiment among traders as they prepare for the upcoming ETF launches, despite recent price volatility.
Fidelity and Canary Marinade are preparing to launch 2 brand-new spot Solana ETFs on Tuesday. Big deal, because this will bring the number of tradable Solana funds here in the US from 4 to 5. All this comes at a time when Solana’s market price has been under a lot of pressure – down over 20% over the past week, in fact – even though institutional money is still pouring in.
Fidelity’s Solana ETF (FSOL) has now gone live through an 8A filing, and it’s been given the green light for listing on the NYSE Arca. According to SEC documents, the fund will trade under the ticker FSOL. Not a bad deal at 0.25% management fee – although its launch date is a little further off – it’s set for November 18th. Bloomberg’s Eric Balchunas notes that Fidelity is now the biggest player in this space, while BlackRock has chosen to sit this one out.
Bitwise’s competing Solana product, BSOL, has already attracted nearly half a billion dollars in assets under management, indicating that institutional firms are increasingly taking notice. And now with this new launch from Fidelity, you can get direct exposure to SOL or a spot ETF. That means the firm is now well-positioned to compete in the growing market for altcoin ETFs.
Canary Marinade’s SOLC Enters The Fray
The Canary Marinade Solana ETF (SOLC) has received approval from Nasdaq to list shares under the ticker SOLC, according to a recent CERT filing. Bloomberg’s James Seyffart confirmed that this launch is the result of a partnership between Canary Capital and staking protocol Marinade Finance.
Some key points to note
- Management fee is 0.50%
- Staking-enabled structure via Marinade
- It will launch on Tuesday
- There is no fee waiver in place right now
This new fund adds another option for institutions seeking staking-aligned yield exposure, making it a pretty interesting move to differentiate themselves from Fidelity’s FSOL product, which has a lower management fee.
SOL’s Price Volatility Despite Solid Inflows
Solana’s price hasn’t been doing so great – down over 20% in the last week, and it’s not showing any signs of stabilising. Even though ETF inflows have totalled nearly $400 million, the price has just kept falling. VanEck’s new Solana ETF (VSOL) launched on Monday, adding to the momentum of institutional adoption.
Solana’s price fell 9% to $134.35, trading between $129.02 and $142.47 during the day. But then the price rebounded by more than 3% from the low, helped by a 60% surge in trading volume. Derivatives activity also suggests that traders are preparing for the launch of these new ETFs, with sentiment slowly improving despite the recent sell-off.
Some interesting indicators in the market:
- Total SOL futures open interest is up about 0.61% to 7.43B
- 4-hour futures open interest is up nearly 2%
All this suggests that traders are preparing for the ETF launches and that market sentiment is gradually becoming more positive, even after that sell-off.
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