Fidelity's spot Solana ETF edges closer to approval as SOL slides 15% amid Trump tariffs turmoil

The U.S. Securities and Exchange Commission has officially acknowledged the filing for Fidelity's spot Solana ETF, edging the new product one step closer to a likely approval.

Last week, Cboe BZX Exchange Inc. filed the essential 19b-4 form for the "Fidelity Solana Fund." That came a few days after CSC Delaware Trust Company registered  a new statutory trust named "Fidelity Solana Fund."

The SEC's acknowledgment of the  filing on Thursday likely means it will be published in the Federal Register next, initiating the approval process for the new exchange-traded fund that tracks the price of Solana, the world's seventh-largest cryptocurrency by market cap as of Thursday.

In the wake of the SEC approving spot bitcoin and ether ETFs, many see Solana as having the highest chances among proposed altcoin-based ETFs of having an exchange-traded fund that tracks its price trading by the end of the year. Franklin Templeton also has an application in for a spot Solana ETF.

Despite the largely positive news for Solana, President Donald Trump's tariffs wreaked havoc on markets again on Thursday. Solana dipped below $113.00 at one point, suffering a 15% decline. SOL's price recovered slightly in the hours afterward and was changing hands at $115.42 as of 4:40 p.m. EST, according to The Block Price Page .

Both Bitcoin and Ethereum were down over 4% as of 4:40 p.m. EST.

Cryptocurrency markets also suffered on Wednesday after President Trump announced his sweeping reciprocal tariffs , which affect nearly 200 U.S. trading partners.