Fidelity's Crypto Funds Get Authority to Stake Up to 100%

Fidelity's Ethereum Fund and Solana Fund have been granted authority to stake up to 100% of their respective cryptocurrencies, with no minimum staking requirement.

The funds' prospectuses from August 21 reveal a layered plan for meeting redemptions when network exits take too long. This includes a reserve buffer, temporary extension of settlement, and discretionary options to deliver cash in place of some or all of the crypto owed in an in-kind redemption.

The Fidelity Solana Fund reported 1,675,797 SOL staked out of 1,687,589 SOL held at June 30, with a fair value of $126.3 million and net assets of $127.079 million. The quarterly report put the trailing 30-day staked percentage at 99.64%.

The Fidelity Ethereum Fund did not disclose its current staked amount but amended its trust and custody arrangements in August, with staking expected to begin as soon as practicable after August 21.