Cantor Fitzgerald Discloses Solana ETF Position in SEC Filing: A Wall Street Endorsement for Crypto's Third Force?

A major Wall Street broker has officially entered the Solana ETF arena, signaling a pivotal shift in institutional crypto adoption beyond Bitcoin and Ethereum.

In a move that underscores the accelerating institutionalization of digital assets, global financial services firm Cantor Fitzgerald disclosed a significant position in a Solana-linked exchange-traded fund (ETF) in its latest quarterly filing with the U.S. Securities and Exchange Commission (SEC). The disclosure, made public in mid-November via a Form 13F filing for the third quarter, marks the first time the prominent broker has reported exposure to a regulated Solana product. This development places a traditional Wall Street powerhouse among a growing list of institutions with documented interest in Solana-based investment vehicles, potentially serving as a critical de-risking signal for mainstream investors eyeing the crypto market.

The filing reveals that Cantor Fitzgerald held 58,000 shares of the Volatility Shares 2x Solana ETF (traded on Nasdaq under the ticker SOLZ) as of September 30. The reported value of this position was $1,282,960. While the filing does not specify an acquisition price, historical data indicates the fund closed at $22.12 per share on that date, aligning precisely with the disclosed valuation. This strategic move by a venerable financial institution arrives amidst a new wave of Solana ETFs hitting U.S. markets and reflects a broader exploration by asset managers into crypto products that extend beyond the two largest digital assets by market capitalization.

Understanding the 13F Filing: A Window into Institutional Moves

To grasp the significance of Cantor Fitzgerald’s disclosure, one must first understand the mechanism through which it was revealed. A Form 13F is a quarterly report required by the SEC for institutional investment managers with over $100 million in assets under management. These filings provide the public with a snapshot of the manager’s U.S. equity holdings, offering transparency into where major financial players are allocating capital.

Cantor Fitzgerald’s inclusion of the Volatility Shares Solana ETF in this mandatory report is noteworthy for several reasons. First, it represents an official, on-the-record commitment. Unlike speculative analyst reports or industry rumors, a 13F filing is a legal document submitted to a federal regulator, lending substantial credibility to the action. Second, it signifies that for Cantor Fitzgerald, this ETF qualifies as a substantive part of its U.S. equity portfolio worth tracking and disclosing. This formal acknowledgment helps bridge the perceived gap between traditional finance (TradFi) and the digital asset ecosystem, treating a crypto-linked instrument with the same procedural rigor as holdings in conventional public companies.

Deconstructing the Investment: The Volatility Shares 2x Solana ETF (SOLZ)

Cantor Fitzgerald’s chosen vehicle for Solana exposure is itself a key piece of this story. The Volatility Shares 2x Solana ETF (SOLZ) is not a spot ETF that holds SOL tokens directly. Instead, it is a futures-based product that offers leveraged exposure to Solana’s price movements. Launched in March on the Nasdaq exchange, SOLZ was among the first ETFs in the U.S. to provide regulated access to Solana.

“It’s really us being first to market again,” Volatility Shares co-founder and CEO Justin Young told Decrypt at the time of the fund’s launch. The fund’s structure—utilizing futures contracts—has been a common pathway for crypto ETFs seeking regulatory approval in the U.S., predating the recent approvals for spot Bitcoin and Ethereum ETFs. By investing in SOLZ, Cantor Fitzgerald is gaining exposure to Solana’s price performance through a familiar, exchange-traded wrapper that operates within existing regulatory frameworks for derivatives, rather than navigating the direct custody of the underlying asset.

The Broader Landscape: A New Wave of Solana ETFs Emerges

Cantor Fitzgerald’s disclosure did not occur in a vacuum. It coincides with a notable expansion of Solana ETF offerings in the United States. In October, just after the close of Q3, major asset managers including VanEck and 21Shares (in collaboration with ARK Invest) filed applications with the SEC for spot Solana ETFs. These proposed products aim to hold SOL tokens directly, similar to the recently approved spot Bitcoin ETFs.

This flurry of activity tracks a broader push by issuers following regulatory developments in September. The arrival of these new filings indicates that asset managers are actively testing investor appetite for crypto exposure that moves beyond Bitcoin and Ethereum. They are experimenting with various product features, from staking mechanics to different custody solutions, to see what resonates in the marketplace. Cantor Fitzgerald’s Q3 investment in an existing futures-based product can be seen as an early institutional vote of confidence that preceded this latest wave of spot ETF filings.

Institutional Adoption as a De-risking Signal for Mainstream Investors

Perhaps the most profound implication of Cantor Fitzgerald’s move lies in its potential psychological impact on the broader investment community. For everyday investors who remain cautious about digital assets, seeing a respected Wall Street firm take a formal position can serve as a powerful validation.

Jonathan Inglis, founder and CEO of crypto-focused consumer research firm Protocol Theory, emphasized this point in comments to Decrypt. “When a firm like Cantor Fitzgerald discloses Solana ETF exposure, it helps de-risk the category in the eyes of mainstream investors,” Inglis stated.

He contextualized this by citing his firm’s research into retail sentiment across the APAC region, which found persistent caution despite growing long-term optimism. According to Inglis’s study of over 4,000 adults, 65% in developed markets expressed worry about scams and fraud, while 31% cited security concerns as a primary barrier to crypto adoption.

“Against that backdrop, a traditional firm holding a Solana ETF signals that some of those attitudes are beginning to shift from expectation to actual market behavior,” Inglis observed. “Seeing a traditional firm hold a Solana ETF is evidence of that belief moving from sentiment into practice.” He added that such actions demonstrate traditional finance is exploring crypto “through the most familiar, low-friction channels available to everyday investors,” transforming it from a niche product into part of the core investment toolkit.

Comparative Context: The Path from Bitcoin to Ethereum to Solana

The journey of crypto ETF adoption provides essential context for understanding Cantor Fitzgerald’s Solana position. The regulatory and institutional acceptance of crypto ETFs has followed a clear trajectory:

1. Bitcoin Futures ETFs: These were among the first to gain approval (e.g., ProShares Bitcoin Strategy ETF BITO launched in October 2021), using futures contracts to provide exposure.
2. Spot Bitcoin ETFs: After years of applications and rejections, multiple spot Bitcoin ETFs were simultaneously approved by the SEC in January 2024, marking a watershed moment for direct crypto ownership within regulated vehicles.
3. Ethereum ETFs: Following a similar pattern, futures-based Ethereum ETFs launched earlier, with spot Ethereum ETFs receiving regulatory approval in May 2024.
4. Solana ETFs: The market is now witnessing this progression extend to the third-largest cryptocurrency by market cap. Futures-based products like SOLZ have emerged first, with spot Solana ETF applications now pending.

Cantor Fitzgerald’s investment fits neatly into this evolutionary pattern. By allocating capital to a futures-based Solana ETF, it is participating in what appears to be the next logical step in institutional crypto diversification—adding exposure to major alternative layer-1 blockchains after establishing frameworks for Bitcoin and Ethereum.

Strategic Conclusion: Monitoring Institutional Conviction and Regulatory Winds

Cantor Fitzgerald’s disclosure of its Solana ETF position is more than a simple portfolio update. It is a multi-faceted signal highlighting several key trends in digital asset maturation: the continued expansion of regulated crypto investment products; the willingness of traditional finance giants to explore exposure beyond the two largest cryptocurrencies; and the potential for such institutional moves to alter mainstream investor perception by reducing perceived risk.

For professional observers and investors, this development underscores two critical areas to watch closely:

1. Follow-on Institutional Disclosures: The upcoming Q4 13F filings from other major asset managers will be scrutinized for similar positions in SOLZ or other Solana-linked products. A growing cohort of traditional firms reporting such holdings would significantly bolster the thesis that institutional adoption is broadening.
2. Regulatory Progress on Spot Solana ETFs: The ultimate test for Solana’s integration into mainstream finance will be the SEC’s decision on the pending spot ETF applications from VanEck, 21Shares/ARK, and others. Approval would create a more direct and potentially larger conduit for institutional capital than futures-based products.

Cantor Fitzgerald’s move demonstrates that for forward-looking institutions, Solana has graduated from a purely speculative crypto asset to a viable component of a diversified portfolio accessible through familiar financial instruments. As Jonathan Inglis noted, this represents belief turning into practice—a process that will continue to shape crypto's integration into global finance in quarters to come