Fidelity launched FSOL, its exchange‑traded fund on Solana, listing it on NYSE Arca on November 18 or 19, 2025, a move that places a major institutional manager in the altcoin universe. FSOL combines exposure to the price of SOL with a staking mechanism that generates passive yields, a feature that could redefine institutional access to proof‑of‑stake assets.
FSOL trades under the ticker FSOL and tracks the Fidelity Solana Reference Index (FIDSOLP), positioning the fund to mirror SOL price dynamics while incorporating staking yields. Fidelity, a manager with assets under management of approximately $6.4 trillion, launches the product with a management fee of 0.25% which, according to pre‑launch documentation, could be subject to temporary waivers to incentivize initial flows.
The fund integrates a staking system for the bulk of its SOL holdings, delegated to approved validators, with the aim of capturing protocol rewards without the investor having to manage the infrastructure. The pre‑launch filing shows an estimated initial size of $117 million, a figure reported before the commencement of trading.
Risks, competition and market impact
The FSOL structure was launched in a changing regulatory context: in May 2025 there was a clarification that determined certain staking activities would not be considered securities, and in September 2025 regulatory changes were introduced that eased the listing of certain crypto ETFs; in early November 2025 the regulator removed crypto references from its 2026 agenda, marking a practical shift toward acceptance of these vehicles.
In the competitive landscape, managers such as Bitwise and VanEck were already operating staking offerings: Bitwise deployed BSOL with roughly $450 million in assets and VanEck launched VSOL with a fee around 0.30% also subject to volume‑based incentives; other entities like Grayscale and Canary Capital compete for market share, shaping a crowded field around staking‑enabled Solana products.
Inherent risks remain: vulnerabilities in smart contracts used by staking protocols, the possibility of penalties (slashing) for validator failures, and exposure to network outages can affect performance. In addition, the ETF does not confer direct custody of the coins to participants, which implies that returns can diverge from the performance of the underlying asset due to premiums or discounts relative to the NAV.
The staking remuneration reported for similar products is around 0.3%, a supplement that does not eliminate the vehicle’s sensitivity to the volatility of the SOL token. The market reaction was mixed: despite inflows related to the filing, SOL’s price corrected after the debut, underscoring the market’s persistent volatility even with institutional backing.
In the medium term, the arrival of an issuer of Fidelity’s scale may increase liquidity and improve price formation in the Solana ecosystem, potentially deepening institutional participation. The launch of FSOL represents an inflection point in the convergence between traditional finance and yield‑bearing crypto products.
