Fidelity's application for a spot Solana ETF has been acknowledged by the SEC, moving it closer to potential approval. Meanwhile, the price of Solana dropped by 15% due to market turbulence following President Trump's tariffs.

Franklin Templeton, Galaxy Digital, Grayscale, VanEck, and Fidelity have submitted updated S-1 filings for spot Solana ETFs, suggesting the SEC may be closer to approving these products. The SEC's request for amendments indicates a potential timeline of two to four months for approval, with a focus on in-kind redemptions and staking strategies.