Fidelity is entering the Solana market with the FSOL ETF.

Fidelity is introducing a new product called the Fidelity Solana Fund (FSOL). This is the company's first staking-enabled cryptocurrency product included in its exchange-traded funds (ETFs) series.

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

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