Fidelity’s Solana ETF Faces Another Delay as SEC Seeks Public Feedback
Fidelity’s attempt to list a Solana-based exchange-traded fund has been pushed back once more, with the U.S. Securities and Exchange Commission confirming the delay on July 7.
The proposal, filed through Cboe BZX Exchange, is now undergoing formal review as the SEC seeks further public input before making a decision.
The agency is soliciting comments for 21 days and rebuttals within 35 days following its publication in the Federal Register. While unsurprising to market watchers, the delay highlights the regulatory hurdles still facing altcoin-based ETFs. Bloomberg ETF analyst James Seyffart described the move as expected, underscoring that the SEC remains cautious about approving spot crypto ETFs that extend beyond Bitcoin and Ethereum.
The delay coincides with the SEC’s recent release of its first official guidance for crypto ETFs—marking a notable shift under its current leadership. The guidance requires asset managers to clearly explain key risk factors and fund structures in plain language. This new approach is expected to streamline future applications but hasn’t yet cleared the way for Solana-focused offerings.
In parallel, a separate rule change being developed by the SEC could shorten ETF approval timelines significantly—from over 200 days to as little as 75. But for now, Solana ETF proposals remain in limbo, alongside numerous others tied to altcoins and meme coins.
Some firms are turning to alternative strategies. Just last week, REX Financial and Osprey Funds rolled out a hybrid product—the REX-Osprey Sol + Staking ETF—which provides indirect exposure to the Solana ecosystem and its staking rewards, sidestepping the current regulatory bottleneck.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
