Key Takeaways
How many spot Solana ETFs will be active after these launches?
With the launch of FSOL and SOLC, five active spot Solana ETFs will come to market.
Who confirmed the launch of these ETFs?
Bloomberg’s senior ETF analyst Eric Balchunas confirmed the news, calling it an important milestone for Solana.
The race to dominate the Solana [SOL] The ETF market is heating up again.
More Solana ETFs are joining the race
This time it’s Fidelity and Canary Capital that are in the spotlight with the upcoming launch of the Fidelity Solana ETF (FSOL) and Canary Marinade Solana ETF (SOLC), both debuting on November 18.
Once these funds go live, the crypto market will have five active Spot Solana ETFs.
Bloomberg’s Senior ETF Analyst Eric Balchunas highlighted the launch as another milestone moment in Solana’s meteoric rise within the regulated investment landscape.
On the way to X, Balchunas noted,
“Fidelity recently introduced *direct* spot solana trading… Tomorrow they launch spot sol ETF. So both direct sol access and spot ETFs. The world’s *third* largest asset manager. Welcome to the future.”
However, he also expressed his disappointment, saying:
“I’m still amazed that BlackRock is sitting this one out.”
Why isn’t BlackRock showing interest in altcoin ETFs?
As expectations grew that BlackRock could join the Solana ETF wave, the company seemed content to stick to its established Bitcoin strategy. [BTC] and ether [ETH] offers.
In a recent interview, BlackRock’s Head of Digital Assets Robert Mitchnick even dismissed the broader altcoin market, bluntly stating that “most altcoins are worthless.”
He said,
“You have to be very careful when you go way under the table with hundreds of thousands of crypto assets today. The vast majority of them are or will be completely worthless.”
Meanwhile, Bloomberg’s James Seyffart also confirmed the Canary ETF’s listing, adding that issuers were aggressively competing for Solana’s dominance.
Source: James Seyffart/X
Solana’s price action is concerning
But despite the flurry of ETF launches and institutional excitement, the SOL market’s performance told a different story.
At the time of writing, the token was trading at $136.80, down 3.24% in the past 24 hours, according to CoinMarketCapreflecting declining market enthusiasm. This showed that investor sentiment around the altcoin has cooled sharply.
Data from Polymarket showed that traders estimate only a 7% probability that the SOL will hit a new all-time high before 2026, a steep drop from 60% in September, at the height of ETF optimism.
Other Solana ETFs
This downturn coincided with the debut of VanEck’s Solana ETF (VSOL) on Nov. 17, which officially began trading on Nasdaq following regulatory approval under the SEC’s updated ETF framework.
Farside Investors Data showed that at the same time, the Solana ETF recorded inflows of $8.2 million, with Bitwise’s BSOL recording inflows of $7.3 million and Grayscale’s GSOL recording inflows of $0.9 million.