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

Fidelity is introducing a new product called the Fidelity Solana Fund (FSOL). This is the first crypto asset product with staking features included in the company's series of exchange-traded funds (ETFs).

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

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