Fidelity is stepping into the Solana market with the FSOL ETF.

Fidelity is launching a new product called the Fidelity Solana Fund (FSOL). This is the first staking-enabled cryptocurrency product included in the company's exchange-traded fund (ETF) series.

This move signifies that one of the largest asset managers is entering the still small but rapidly growing Solana ETF market. There are currently only three spot Solana ETFs trading in the U.S.

Fidelity's new product is being introduced in an environment where companies like Canary Capital and VanEck have launched their own Solana ETFs. Additionally, the BSOL fund offered by Bitwise has attracted $450 million in investment since its launch.