Solana (SOL) Price: Three New ETFs Go Live as Total Inflows Reach $400 Million

TLDR

• VanEck launched its Solana ETF (VSOL) on Monday with a waived 0.3% fee until February 17 or $1 billion in assets
• Fidelity Solana ETF (FSOL) and Canary Marinade Solana ETF (SOLC) both launched on Tuesday with 0.25% and 0.50% fees respectively
• Five spot Solana ETFs are now trading with nearly $400 million in total inflows, with Bitwise’s BSOL holding almost $450 million
• SOL price dropped 9% on Tuesday and fell 20% over the week despite continued ETF inflows, trading at $134.35
• Grayscale’s Dogecoin ETF could launch on November 24 after an amended regulatory filing triggered a 20-day approval window

VanEck launched the third US exchange-traded fund featuring Solana on Monday. The VanEck Solana ETF trades under the ticker VSOL.

The fund joins similar products from Bitwise and Grayscale that debuted in late October. Those two funds have seen over $380 million in combined inflows.

VSOL offers staking yields where Solana is locked on the blockchain to earn rewards. The fund waived its 0.3% management fee until February 17 or until it reaches $1 billion in assets.

Asset managers have been launching crypto ETFs rapidly after the SEC changed its listing standards in September. The new rules allow for faster approvals without requiring assessment of each individual fund.

Bloomberg ETF analyst Eric Balchunas confirmed that Fidelity’s Solana ETF would launch on Tuesday. The fund trades under ticker FSOL with a 0.25% management fee.

Fidelity is the largest asset manager entering this space with BlackRock choosing to sit out. BlackRock has denied interest in launching any ETF beyond its current Bitcoin and Ethereum products.

New Entrants Join the Market

Canary Marinade Solana ETF also launched on Tuesday under ticker SOLC. The Nasdaq approved the listing according to SEC filings.

Bloomberg ETF analyst James Seyffart confirmed Canary Capital partnered with Marinade Finance for the launch. Marinade serves as the SOL staking partner. The fund carries a 0.50% management fee with no waiver announced.

Five spot Solana ETFs are now available for trading. Total inflows across all Solana ETFs have reached nearly $400 million.

Bitwise’s BSOL currently holds almost $450 million in assets under management. The fund charges a 0.25% fee to compete with new entrants.

Price Movement Despite Inflows

SOL price dropped 9% on Tuesday trading at $134.35. The token fell more than 20% over the past week.

The 24-hour trading range showed a low of $129.02 and high of $142.47. Price rebounded more than 3% from the daily low.

Trading volume increased 60% in the last 24 hours. The jump indicates rising trader interest following the Fidelity ETF launch.

CoinGlass data showed buying sentiment in derivatives markets over recent hours. Total SOL futures open interest rose 0.61% to $7.43 billion in 24 hours. Four-hour futures open interest climbed nearly 2%.

Dogecoin ETF Timeline

Grayscale’s Dogecoin ETF could launch on November 24 based on regulatory filings. An amended filing earlier in November started a 20-day period where the fund can launch if the SEC doesn’t respond.

The Grayscale Dogecoin Trust would convert from an existing fund and trade on the New York Stock Exchange. The exchange must still file to list the ETF.

If approved next week it would be the first Dogecoin ETF in the US able to directly hold the memecoin. REX Shares and Osprey Funds launched a DOGE ETF in September but it operates through an offshore subsidiary.

Bitwise could also see its spot Dogecoin ETF launch late next week. A regulatory filing change on November 6 triggered a 20-day launch timer unless the SEC intervenes.

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