BlackRock is not participating in Solana's new ETFs, while Fidelity, Grayscale and other institutional managers are expanding the offering with spot funds that legitimize the crypto ecosystem.
This week marks a new chapter in Solana's integration into the traditional financial market. Asset managers such as Fidelity, Grayscale, VanEck, Bitwise, and Canary Funds are launching or expanding their spot ETFs based on SOL, the native cryptocurrency of the Solana network.
The institutional movement, which includes on-chain staking funds with competitive fees, represents a significant step in legitimizing digital assets beyond Bitcoin and Ethereum. However, the absence of BlackRock, the largest crypto ETF manager, is notable, as it has so far chosen not to participate in this new wave of altcoin-focused products.
According to Bloomberg analysts Eric Balchunas and James SeyffartFidelity's FSOL fund will launch with a 25 basis point fee tomorrow, November 19, while Canary Funds, in collaboration with Marinade Finance, will launch the SOLC ETF with direct staking integration. VanEck has already launched its VSOL fund, while Bitwise leads the way with BSOL, which will debut with approximately $450 million in assets under management. Grayscale, another major asset manager in the crypto ecosystem, is also joining the Solana-focused financial product lineup, expanding its spot fund offering beyond Bitcoin and Ethereum.
Create your Bit2Me account and trade with SOLSolana enters the institutional radar with five spot ETFs
The simultaneous arrival of five Solana spot ETFs this week in November is a clear sign of institutional interest in diversifying cryptocurrency exposure. Unlike synthetic products or futures, spot ETFs involve the direct purchase of the underlying asset, in this case SOL, which can translate into greater demand pressure and regulatory approval.
Fidelity, with over $6,4 trillion in assets under management, becomes the largest player in this new product range. Its FSOL fund will launch with a competitive fee of 0,25%, positioning it as an attractive option for investors seeking direct exposure to Solana without assuming the operational risks of owning and holding crypto assets.
Canary Funds, for its part, introduces an innovative approach by integrating on-chain staking through Marinade Finance. This will allow ETF holders to indirectly participate in validating the Solana network, generating additional returns while remaining within the regulated framework. VanEck and Grayscale complete the range of options, each with distinct strategies in terms of fee structure and management approach.
BlackRock leads in Bitcoin, but remains on the sidelines of altcoins
BlackRock's absence from this new wave of Solana ETFs doesn't imply a lack of interest in the crypto ecosystem. The US asset manager dominates the market with its iShares Bitcoin Trust (IBIT), which has broken records for volume, liquidity, and asset inflows since its launch. IBIT has become the institutional benchmark for Bitcoin exposure, solidifying BlackRock's position as the leading player in the crypto ETF category.
However, its decision not to participate in Solana's new funds can be interpreted as a conservative strategy regarding assets considered more volatile or less mature than Bitcoin. While other managers are opting to diversify into alternative cryptocurrencies, BlackRock appears to be maintaining its focus on assets with a longer regulatory track record and greater institutional acceptance.
This contrast reveals a segmentation in the crypto ETF market: on one hand, products focused on Bitcoin and Ethereum backed by large managers; on the other, more specialized funds that explore emerging networks such as Solana, XRP and even memecoins like Dogecoin, driven by firms with a higher tolerance for technological risk.
SOL operates while the institutional supply growsThe price of SOL does not react to institutional enthusiasm.
Despite the enthusiasm generated by the new ETFs, the price of SOL has not shown a significant bullish reaction. In the last week, the cryptocurrency has registered a 16% correction, trading around $137 per unit at the time of writing. This behavior reflects the current dynamics of the crypto market, characterized by profit-taking, technical adjustments, and less sensitivity to institutional events in the short term.
However, for the Solana community, the launch of these funds represents strategic validation rather than a promise of immediate appreciation. The entry of managers like Fidelity and Grayscale reinforces the perception of Solana as a network with potential for institutional adoption, especially in segments such as decentralized finance, tokenization, and programmable staking.
In terms of legitimacy, Solana's spot ETFs help solidify a regulated framework for altcoin investment, which could facilitate the inflow of new capital in the medium term. While BlackRock remains on the sidelines for now, the growth of this institutional offering suggests that crypto diversification is gaining traction in wealth management strategies.
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