Fidelity Pushes Solana ETF Forward as Auto-Effective Filings Gain Industry Momentum

Fidelity updates its Solana ETF filing, removing the delaying amendment for an auto-effective registration.

Bitwise’s BSOL ETF launch led the path for other issuers adopting the 20-day auto-effectiveness rule.

VanEck and Canary follow with similar filings, targeting mid-November Solana ETF launches pending exchange approval.

Fidelity Digital Assets has moved closer to launching its Solana exchange-traded fund (ETF) after submitting an updated S-1 filing that removes a delaying amendment. This amendment normally allows the U.S. Securities and Exchange Commission (SEC) to determine when a registration becomes effective

By removing it, Fidelity enables its ETF to automatically take effect after the 20-day statutory period, provided no SEC action occurs. The filing follows a growing trend among asset managers using this accelerated route to bring crypto-linked funds to market amid an extended SEC review backlog.

Bitwise Sets the Pace for Auto-Effective Filings

The shift began earlier this week when Bitwise launched its Solana ETF, the BSOL fund, under the same legal provision. This approach allows issuers to bypass procedural delays and take advantage of the SEC’s statutory framework, which grants automatic effectiveness after 20 days if the agency does not intervene

According to Fox Business reporter Eleanor Terrett, Fidelity’s move follows Bitwise’s example and reflects a wider adoption of this method among major issuers. Terrett noted that several asset managers, including Canary Funds and VanEck, have now updated their Solana ETF registrations using similar structures

These firms also removed their delaying amendments, aligning their launch timelines for mid-November, assuming their 8-A filings receive timely approval from listing exchanges. The wave of activity indicates growing coordination among firms seeking faster market entry despite the current regulatory slowdown.

VanEck and Canary Follow Fidelity’s Lead

VanEck and Canary Funds’ recent filings show how quickly the Solana ETF landscape is developing. Both companies updated their documents within days of Bitwise’s and Fidelity’s announcements, indicating synchronized timing across the sector. Each filing sets the stage for potential launches before year-end if procedural reviews conclude smoothly.

This sequence of events shows a surge in filings centered on Solana-based products. The updates collectively mark the first time multiple issuers have relied on the automatic registration clause to expedite ETF rollouts. As more firms adopt the model, the competition among issuers for early Solana ETF listings continues to intensify.

SEC Leadership Notes Legal Mechanism Behind Trend

While the SEC has not issued direct statements on the Solana ETF filings, its leadership has acknowledged the legal framework being used. Reporter Eleanor Terrett cited remarks from SEC Chair Paul Atkins, who recently expressed support for companies using the 20-day statutory waiting period during the current government shutdown.

Atkins referenced MapLight’s public listing as an example of the same mechanism now employed by Bitwise, Canary, and Fidelity. His comments showed confidence among issuers adopting the auto-effective route.

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