Key takeaways
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VanEck launched the third Solana exchange-traded fund in the United States on Monday, November 17.
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The new offerings from Fidelity and Canary Funds will become the fourth and fifth on Tuesday.
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For now, BlackRock has no plans to enter the field with its own Solana product.
Three weeks after Bitwise and Grayscale launched the first Solana exchange-traded funds (ETFs) in the US, competition in the space is heating up.
On Monday, November 17, VanEck debuted VSOL on the Nasdaq.
Not far away, heavyweight asset manager Fidelity and crypto operator Canary are preparing to launch their own Solana funds when markets open on Tuesday.
In their first three weeks of trading, Bitwise and Grayscale’s Solana ETFs attracted cumulative net inflows of more than $390 million, according to SoSoValue.
Amid a devastating bear market, BSOL and GSOL presented a rare show of investor confidence during a period in which billions of dollars were withdrawn from Bitcoin and Ethereum funds.
The third US-listed Solana ETF to hit the market was VanEck’s offering. And just as VSOL made its debut on Monday, two more funds were approved for listing.
According to Bloomberg analyst Eric Balchunas, Fidelity’s new ETF is scheduled to launch on Tuesday.
Colleague James Seyffart reported that Canary will also debut its Solana fund that same day.
Compared to the total addressable market, the few hundred million dollars invested so far in Solana ETFs are insignificant.
Furthermore, history suggests that ETFs offered by financial powerhouses may be in a different class than those of smaller boutique managers.
After BlackRock and Vanguard, Fidelity is the world’s largest asset manager, with around $15 trillion in assets under management.
Its Bitcoin spot ETF is the second largest in the market after BlackRock’s.
Crucially, BlackRock does not appear to have immediate ambitions in the burgeoning Solana ETF market.
At least for now, the firm is more focused on diversifying its coverage of blue-chip digital assets with a new Bitcoin fund that incorporates strategies to maximize returns.
With ETF giant Vanguard ruling out creating crypto offerings of its own, that leaves Fidelity as the biggest player in the space, putting the firm in a strong position to absorb institutional demand for SOL exposure.
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