New Wave of Solana ETFs Hits the Markets as Fidelity, Canary, and VanEck Roll Out

A slate of new Solana-linked ETFs are landing on U.S. exchanges this week, led by Fidelity’s FSOL and Canary Capital’s staking-enabled SOLC, as issuers move to capture flows into chain-specific strategies and broaden the market beyond Bitcoin-focused products.

VanEck’s VSOL was the first to launch on Monday, debuting on exchanges with zero fees. Canary Capital, working with Marinade Finance, followed with the SOLC ETF rolling out Tuesday to add on-chain staking within a commodity-trust structure.

Fidelity’s FSOL followed hot on its heels with a 0.25% annual fee, making it the first Solana product from a large traditional asset manager.

BREAKING: @Fidelity, one of the world’s largest asset managers with $6.4 Trillion AUM, launches Solana ETF on @NYSE: FSOL 🔥 pic.twitter.com/m9DhhOlfUt

— Solana (@solana) November 18, 2025

They follow on the heels of Bitwise’s BSOL and Grayscale’s GSOL, launched late October.

The lineup arrives as issuers try to capture flows moving into chain-specific strategies, in what could be a bid to meet growing allocator interest in assets that sit outside Bitcoin’s market dominance.

The cluster was first noted by Bloomberg ETF analysts Eric Balchunas and James Seyffart, posting Monday evening about the expected releases.

Fidelity Solana ETF $FSOL is slated to launch TOMORROW. Fee is 25bps. Easily the biggest asset manager in this category with BlackRock sitting out. $BSOL got out first, has $450m, $VSOL launched today, Grayscale is in mix. Game on. pic.twitter.com/iCXMkAH9qe

— Eric Balchunas (@EricBalchunas) November 17, 2025

Alongside the burst of Solana products, issuers are also beginning to branch into other digital assets.

21Shares has submitted paperwork for a Canton Network ETF tied to Canton Coin on Monday, marking one of the first attempts to package a token built around a permissioned chain into a regulated exchange-traded product.

Franklin Templeton, meanwhile, filed an amended registration for its proposed spot XRP ETF earlier this month, updating the trust’s preliminary prospectus and signaling continued progress toward approval.

Altcoin ETFs expand

The filings reflect a steady expansion in demand since the first set of non-Bitcoin spot products cleared regulatory review earlier this year. Since then, asset managers have been competing not just on headline fees, but also on design choices such as staking integration, index methodology, and custody structure.

“Seeing multiple altcoin ETFs launch at once suggests issuers are testing how far post-Bitcoin appetite really goes, rather than responding to clear demand,” Kanny Lee, CEO of secondary markets trading protocol SecondSwap, told Decrypt.

Lee said “early flows can be misleading” because “they’re often dominated by liquidity providers, not long-term allocators,” adding that the “real signal” could come by early next year “if these funds attract sticky assets instead of fading once the novelty and staking-yield narrative cools off.”

The slew of exchange-traded products shows they are a “by-product of regulatory clarity and easing,” instead of market demand, according to Stan Low, operations and research lead at Grvt, a privacy-centered decentralized exchange.



The “poor performance” of altcoins and crypto ETFs is “indicative of investor appetite,” Low told Decrypt, noting that the applications for these ETFs “began quite a while ago, when market sentiment was much more positive.”

Still, flows into these specific ETFs “may indicate risk appetite of investors higher up the risk-reward curve for altcoins,” Low said, adding that they could also potentially provide “a view on the staking sector,” given some of the products have amended their filings and are launching with staking mechanisms built in.

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