The chances of a Fidelity Solana ETF have received a boost as the US SEC acknowledges receipt of the asset manager’s rule change application.

On Thursday, the US Securities and Exchange Commission acknowledged the filing for a spot Fidelity Solana ETF, pushing the approval process one step closer. The prominent asset manager became the latest to seek a regulatory nod to manage the Solana-based product after the Chicago Board Options Exchange (CBOE) filed for a rule change request with the SEC last week.

One Step Closer to Fidelity Solana ETF Launch

The quest for a Solana ETF has continued to see new candidates, with Fidelity joining the queue recently. The Cboe BZX Exchange submitted a 19b-4 application with the US SEC to list and trade the Fidelity Solana ETF on March 25, its second filing for the product.

Recall that the Chicago-based stock exchange filed a rule-change request for the Franklin Templeton Solana spot ETF three weeks ago. With Fidelity’s application, about seven prominent asset managers are now vying for approval for the Solana product.

Meanwhile, following the SEC’s acknowledgement of the Fidelity Solana ETF filing, the next possible step will be to publish it in the Federal Register. Notably, Fidelity has already registered the commodity-based fund with the CSC Delaware Trust Company under the name the Fidelity Solana Trust.

Upon publication in the Federal Register, the SEC will open a 21-day window for comments on the Fidelity Solana product. Furthermore, the regulator will either approve, deny, or postpone decision-making on the application within 45 and 90 days of publication.

Solana Continues Downward Spiral

Meanwhile, the development failed to boost Solana’s price, which continues to show weakness. The asset has corrected nearly 2% in the last 24 hours as bearishness from Donald Trump’s tariff hike continues to impact the crypto market.

SOL’s downward spiral is more profound in the weekly and monthly timeframes, retracting 7% and 6.4%, respectively. At the time of writing, the seventh-largest cryptocurrency by market cap trades at $116.61.