Bitcoin Nears $88,000 as Fidelity Files Solana ETF and GameStop Opens to BTC
Bitcoin (BTC) is trading at $87,660, up 0.81% on Wednesday, as institutional developments drive renewed optimism in the crypto space. One of the key catalysts: the Cboe BZX Exchange has formally requested the SEC to list Fidelity’s proposed Solana (SOL) ETF, just days after filing a similar application for Franklin Templeton’s SOL fund. This marks a broader trend, with asset managers like Bitwise, VanEck, and Grayscale also seeking spot Solana ETF approvals. Bloomberg Intelligence puts the odds of approval in 2024 at 70%, following the successful launch of Ethereum and Bitcoin ETFs and the CME’s introduction of SOL futures.
If approved, the Fidelity SOL ETF would further legitimize crypto ETFs and potentially funnel greater institutional interest into altcoins—while indirectly supporting Bitcoin’s long-term trajectory as ETF accessibility improves across digital assets.
Key highlights:
- SOL ETF filing builds on momentum from ETH/BTC ETF approvals
- Bloomberg estimates 70% chance of spot SOL ETF clearance
- Regulatory acceptance of altcoin ETFs could benefit BTC
GameStop Joins Corporate Bitcoin Adoption Trend
In a notable shift, GameStop has updated its treasury policy to permit future allocations to BTC and U.S. dollar-denominated stablecoins, according to its FY2024 financial report. While no crypto purchases have been disclosed yet, the move aligns GameStop with firms like MicroStrategy and Tesla, who’ve already integrated Bitcoin into their balance sheets.
GameStop ended the year with $4.78 billion in cash and marketable securities—up from $938.9 million—largely due to a $3.45 billion equity issuance. With a strong liquidity base, the company is now positioned to explore digital asset exposure. This development signals growing institutional openness to BTC as a treasury asset and reinforces its appeal as a hedge in a high-volatility macro environment.
Ripple Settles With SEC, Boosting Market Confidence
Meanwhile, Ripple Labs has withdrawn its cross-appeal against the SEC just days after the regulator did the same. Ripple will recover $75 million from the $125 million penalty levied in 2024, capping a multi-year legal battle that had cast a shadow over XRP and the broader crypto space.
This resolution, coupled with the SEC’s recent retreat from other crypto enforcement actions, reflects a softening regulatory stance that could strengthen institutional confidence in digital assets. With SEC Chair Mark Uyeda emphasizing a shift from enforcement to regulatory clarity, BTC may benefit from reduced legal headwinds moving forward.
Bitcoin Technical Setup: Momentum Builds Near Key Resistance
Technically, Bitcoin remains in a bullish structure, consolidating near $87,660 and holding support at the 50 EMA ($86,470). The price is respecting an ascending trendline with a pivot at $86,460, suggesting continued buyer interest.
Key resistance sits at $88,780, and a break above this could trigger upside toward $90,750 and $92,800. The RSI at 56 reflects neutral momentum, but the overall setup leans bullish as long as BTC holds above $86,460.
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