Fidelity Solana Fund Trust Surfaced as a Possible ETP Precursor

A Delaware statutory trust named Fidelity Solana Fund entered the cryptocurrency industry’s public view on March 22, 2025, providing an early indication that Fidelity might be preparing a Solana-linked exchange-traded product.

The underlying certificate shows that CSC Delaware Trust Company formed the entity at 4:30 p.m. Eastern on March 20. Delaware certified the record on March 21, and cryptocurrency reporting identified it on March 22. That chronology matters: the event for this archive date was the public disclosure of the trust, not its legal formation two days earlier.

The development was consequential because creating a statutory trust can be an organizational step toward an exchange-traded commodity product. It was nevertheless only a preliminary signal. The certificate did not describe an investment objective, identify an exchange, assign a ticker, establish custody arrangements or say that the trust would hold SOL.

What the Delaware record established

The certificate named the entity Fidelity Solana Fund and identified CSC Delaware Trust Company as its Delaware trustee. It stated that the trust became effective upon filing under the Delaware Statutory Trust Act.

Those were the complete substantive terms visible in the formation record. The certificate did not itself identify a Fidelity affiliate as sponsor or investment manager. A Fidelity spokesperson declined to provide additional details to The Block for its March 22 report.

The use of Fidelity’s name made an eventual investment product a reasonable interpretation, but it did not make that interpretation a verified event-day fact. Statutory trusts may be organized before federal securities filings, and an entity can remain inactive, change purpose or never result in a publicly traded product.

No registration statement for shares of the Fidelity Solana Fund had appeared in the reviewed federal record by March 22. No exchange rule-change application bearing that name had been filed with the Securities and Exchange Commission by that date. Consequently, it would have been premature to say that Fidelity had filed for a Solana ETF or that regulators were considering one.

Solana products were moving toward listed markets

The signal arrived during a broader expansion of regulated Solana exposure. On March 20, Nasdaq began listing the Volatility Shares Solana ETF under SOLZ and the leveraged 2x Solana ETF under SOLT. SEC prospectus materials stated that SOLZ sought exposure primarily through regulated Solana futures contracts rather than direct ownership of SOL.

That distinction defined the market context. Futures-based funds were already trading, while asset managers and exchanges were exploring structures that might hold SOL directly. A Delaware trust could supply the legal container for such a product, but it did not establish whether the contemplated Fidelity vehicle would hold spot SOL, use derivatives, stake assets or combine those approaches.

The March 22 disclosure therefore mattered as evidence of institutional preparation, not as evidence of a completed launch. It suggested that another established financial firm was evaluating the Solana product category while leaving every operational and regulatory term unresolved.

Later confirmation, kept separate

A subsequent regulatory milestone clarified the March 22 signal. On March 25, Cboe BZX filed a proposed rule change with the SEC to list and trade shares of the Fidelity Solana Fund. The SEC later recorded that filing and stated that the exchange submitted a replacement amendment on April 1.

Those later records confirmed that the Delaware trust preceded a genuine listing proposal. They do not change what was knowable on March 22: a trust existed and had become public, but no federal application, approval, operating fund or tradable share had yet been established. No event-day price reaction or investor demand can be attributed to the disclosure from the reviewed evidence.