Fidelity is stepping directly into the Solana race, and the timing places new pressure on every major issuer.
Meanwhile, Grayscale is preparing to push Dogecoin into the ETF arena within days, adding another twist to an already aggressive filing cycle.
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Fidelity Solana ETF Set to Launch With 25 bps Fee
Fidelity will debut its Solana ETF, FSOL, after receiving regulatory clearance, according to filings and industry analysts.
The product tracks the Fidelity Solana Reference Rate and reflects staking rewards through its structure, though its Bloomberg page shows no trading history yet. It lists a 25 basis-point expense ratio and a full replication approach.
The fund is classified as an alternative ETF with a macro strategy and cryptocurrency style under Bloomberg’s system.
It trades without leverage, derivatives, swaps or securities lending, placing it in the same category as other physically backed crypto ETFs.
The inception date is recorded as Nov. 18, 2025, marking its entry into the expanding Solana ETF segment.
Eric Balchunas noted that Fidelity is the biggest manager to join this category, especially with BlackRock absent.
He added that BSOL has already reached roughly $450 million in assets, while VanEck’s VSOL launched earlier today with a zero-fee structure, intensifying competition.
VanEck Launches VSOL With a Zero-Fee Structure
VanEck confirmed the launch of its Solana ETF, VSOL, through an official announcement.
The firm said the product began trading with no management fee, placing immediate pressure on rivals entering the market. The launch solidifies Solana as one of the most competitive ETF battlegrounds of the year.
Balchunas highlighted VSOL’s arrival as another reason the Solana ETF field has become crowded within days. He said the race is now “game on,” with Fidelity, VanEck, and existing issuers fighting for flows as Solana ETFs gain traction.
The move also comes as inflows for Solana products continue to rise across the broader market.
The zero-fee decision adds a pricing gap between issuers, which may influence early trading volumes once FSOL begins trading.
Market observers expect tighter spreads and more attention from institutional desks as competing ETFs line up.
Grayscale Expected to Launch First Dogecoin ETF by Nov. 24
Grayscale appears on track to introduce the first Dogecoin ETF next week, based on the SEC’s 20-day review period.
The company filed its Form S-1 for the Grayscale Dogecoin Trust, listing its structure, sponsor details, and executive information.
The document signals that the trust is ready for uplisting into an ETF format once the SEC allows trading.
Balchunas said the first Doge ETF could arrive as early as Nov. 24, pending the stock exchange’s final notice. He added that timing aligns with SEC guidance, though the launch will not be fully certain until the exchange issues confirmation.
The Dogecoin trust joins a broader wave of single-asset ETF conversions that accelerated this year.
The approval would mark Dogecoin’s first appearance in the U.S. ETF market, expanding the range of crypto assets available through regulated public vehicles.
It also positions Grayscale at the front of another category, following its long list of single-asset trusts.
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Tatevik Avetisyan is an editor at Kriptoworld who covers emerging crypto trends, blockchain innovation, and altcoin developments. She is passionate about breaking down complex stories for a global audience and making digital finance more accessible.
📅 Published: November 18, 2025 • 🕓 Last updated: November 18, 2025
