Fidelity and Canary ETFs Go Live as Solana Inflows Continue

Solana spot ETFs continued to attract institutional interest this week. On Monday, 17th November, the group recorded net inflows of $8.2 million, led once again by Bitwise's $BSOL. The streak of inflows now spans 14 consecutive trading days, even as both Bitcoin and Ethereum spot ETFs posted another round of outflows. The steady demand comes amid pressure on Solana's market price, which has fallen by more than 20% over the past week.

With the launch of two new products from Fidelity Investments and Canary Capital, the United States market now hosts five spot Solana ETFs. The additional supply of regulated products broadens access for institutions and creates new avenues for exposure at a time when demand continues to build beneath volatile price action.

Fidelity's $FSOL Begins Trading

Fidelity Investments, with over $6.4 trillion in assets under management, has entered the market with the Fidelity Solana ETF, which lists on NYSE Arca under the ticker $FSOL. The fund became effective through an 8A filing and reflects the firm's broader effort to build a footprint within the digital asset ETF landscape. Fidelity has set the management fee at 0.25% and collects a 15% fee on staking rewards.

Bloomberg analyst Eric Balchunas notes that Fidelity is now the largest asset manager in the Solana ETF segment, while BlackRock continues to limit its offerings to Bitcoin and Ethereum.

Anchorage Digital Bank, BitGo Trust Company, and Coinbase Custody Trust Company serve as custodians.

Canary Launches $SOLC

Canary Capital has also launched its own product, the Canary Marinade Solana ETF, which lists on Nasdaq under the ticker $SOLC. The fund charges a 0.50% management fee. Marinade Finance will act as the exclusive staking provider for at least two years.

BitGo provides custody, while Marinade's protocol manages the staking process through a pool of verified validators. Under normal conditions, Canary intends to stake all $SOL, except for amounts needed for redemptions, expenses, and risk management.

Competitive Landscape Expands

The two launches follow VanEck's introduction of its own Solana ETF, $VSOL, which began trading on November 17th. VanEck seeded the fund with $7.32 million and partnered with SOL Strategies as its staking provider. In an effort to encourage early adoption, VanEck has waived both its sponsor fee and the staking provider's fee until the first $1 billion in assets or until February 17, 2026, whichever comes first. After that period, the fund will carry a 0.30% sponsor fee.

Bitwise maintains a strong lead in the space due to its early mover advantage, which may help it retain that position even as larger issuers enter the market. $BSOL has gathered nearly $420 million in assets under management and continues to attract the majority of daily inflows. The arrival of $FSOL and $SOLC introduces additional competition, although each fund differentiates itself through its approach to staking, fee structure, and benchmark methodology.

The market now offers institutions five regulated ways to gain exposure to $SOL. The combination of sustained inflows, pressure on spot prices, and the arrival of new issuers suggests an environment where investor interest remains solid despite volatile market conditions.

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