Fidelity has updated its S-1 filing for a Solana ETF by removing the “delay clause” and including plans to stake almost all of the fund’s SOL coins. This strategic change sets a firm deadline for the SEC and forces the agency to make a definitive decision, which could reshape how large managers and banks custody these cryptocurrencies.
By removing the “delay amendment”, Fidelity turns its application into a normal filing that starts an official clock and compels the SEC to give a definitive response. At the same time, the document requests permission to stake the fund’s SOL, a significant feature that would generate yield for shareholders but raises new legal and technical questions.
At least nine asset managers have filed their own Solana ETFs, including VanEck, Bitwise, Invesco, Grayscale, Franklin Templeton and 21Shares. The SEC has already sent letters to all applicants demanding clear diagrams of how staking will work, how the coins will be kept in separate wallets, and how investors will be able to redeem shares for actual SOL instead of cash.
A strategy that speeds up the regulatory process
The market has reacted positively, with SOL holding above $190, while technical analysts point to $250 as the next resistance level. Meanwhile, Hong Kong has already approved a Solana ETF managed by ChinaAMC, highlighting regulatory differences between regions.
The SEC must now open the file, write comments and set a deadline, with potential windows in the second half of 2025. Custody and compliance departments will be watching closely as this process unfolds, which could redefine the intersection between institutional investment and crypto assets.
