SOL Token Climbs After BlackRock Expands To Solana, Fidelity Eyes ETF – But Retail Remains Wary

The move expands BlackRock’s presence in blockchain-based finance, making BUIDL accessible on seven blockchains, including Ethereum, Polygon, Aptos, Arbitrum, and Optimism.

Solana (SOL) climbed over 1.5% in U.S. market hours on Tuesday, bucking a broader market decline, after two major developments signaled growing institutional interest in the blockchain.

BlackRock’s tokenized money market fund, BUIDL, is now available on Solana, according to Securitize. 

The fund, officially dubbed the BlackRock USD Institutional Digital Liquidity Fund, combines a short-term yield-bearing portfolio of cash and U.S. Treasuries with blockchain's settlement and transfer capabilities.

Since its introduction on Ethereum in 2023, the fund has raised $1.7 billion and is on track to reach $2 billion by early April, according to Securitize.

The move expands BlackRock’s presence in blockchain-based finance, making BUIDL accessible on seven blockchains, including Ethereum (ETH), Polygon (MATIC), Aptos (APT), Arbitrum (ARB), and Optimism (OP). 

Meanwhile, Fidelity took a step toward launching a Solana fund. Cboe BZX Exchange Inc. filed a 19b-4 form on Tuesday for the "Fidelity Solana Fund," following the company’s recent registration of a statutory trust under the same name. 

Fidelity’s involvement adds weight to the growing push for Solana-based investment products, with firms such as Franklin Templeton, Grayscale, Canary Capital, and VanEck already seeking regulatory approval for spot Solana ETFs. 

A Fidelity spokesperson confirmed the firm’s ongoing commitment to developing its “digital assets ecosystem,” though they did not provide additional details on the fund's structure or timeline.

However, retail sentiment on Stocktwits around Solana’s token remained in ‘bearish’ territory amid tepid levels of chatter.

One user forecast Solana would break its downtrend, with an expected bounce to $155 before a pullback.

Another anticipates that BlackRock may follow in Fidelity’s footsteps and soon file a Solana ETF.

The Solana token rebounded 17% over the past seven days but has still lost nearly a quarter of its value over the past year. 

Despite the waning interest in meme coin activity on the network, Solana ETFs saw inflows of $6.4 million over the past week.

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