SEC Confirms Fidelity’s Solana ETF as Approval Odds Skyrocket to 89%

• SEC acknowledge Fidelity’s SOL spot ETF filing, initiating the approval process; optimism grows for 2025 approval.
• Major firms like Franklin Templeton join the SOL ETF race, signaling traditional finance’s expanding crypto interest.
• Polymarket odds for SOL ETF approval in 2025 surge to 89%, despite earlier security classification concerns.

In a boost to Solana ETF prospects, the U.S. SEC has officially confirmed Fidelity’s filing application for an $SOL spot exchange-traded fund. While the move doesn’t indicate approval, it simply means that the process has just started. Earlier in March, Fidelity Investments first registered “Fidelity SOL Fund” as a statutory trust in Delaware before updating the filing with more details.

SEC Confirms Fidelity's Solana ETF as Approval Odds Skyrocket to 89% 3

Besides Fidelity, Franklin Templeton, with over $1.5 trillion AUM, has also filed a SOL-focused ETF that will track the cryptocurrency’s price without directly buying the asset. Other firms in this race include Grayscale, Bitwise, 21Shares, and VanEck. This shows how traditional finance is keen on expanding its crypto exposure footprint beyond Bitcoin or Ethereum ETFs.

The SEC’s confirmation has also sparked a wave of optimism across crypto Twitter. Now the odds of a Solana ETF being approved in 2025 stand at 89% on Polymarket. This is a surge from its previous projections of 77% in early 2025. It also sees the likelihood of the Solana ETF receiving approval before July 31, 2025, is reported at 34%, with a trading volume of $234,560.

Solana’s Recovery Amidst Tariff-Driven Market Crash

Earlier, critics were skeptical of SOL-ETF approval due to the absence of a futures market. Another major hurdle is Solana’s classification as a security under certain conditions. Typically, securities should implement stricter compliance disclosure and reporting standards, which may complicate the approval process.

Despite those looming concerns, institutional support continues to pour in. As many as five of the biggest AUMs are in the race for issuing a spot ETF tied to the asset.

Meanwhile, Solana is among the handful of crypto tokens showing signs of recovery amidst the mayhem caused by tariff news. The crypto market cap fell by 3.3%, dropping from $2.88 trillion to $2.78 trillion, after Donald Trump raised reciprocal tariffs on several nations, sending a shock wave across global financial markets.

Amidst this mayhem, SOL became one of the trending tokens during the 24-hour volatile crypto market shakeup.