Fidelity Says Solana Briefly Out-Traded the NYSE Weekly, Citing 15% Share of 2026 Trades
Fidelity Digital Assets reported in a November 6 research note that Solana accounted for roughly 15% of trades measured against major U.S. exchanges in 2026, and at one point exceeded the New York Stock Exchange's weekly trade count. The firm cautioned that the comparison counts trades rather than dollar value and does not represent share of the overall U.S. securities market.
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What Fidelity Measured
Fidelity Digital Assets found that Solana averaged about 15% of the exchange trades included in its 2026 comparison, and that its weekly trade count briefly exceeded that of the New York Stock Exchange, according to the firm's November 6 report. Solana's share was 0.30% in 2022, per the report as cited by Solana in a November 8 announcement. Crypto Briefing summarized the same figure as a share of activity count on major U.S. exchanges, while Crypto.news described the comparison as decentralized spot trades on Solana set against activity on traditional venues.
The measure is trade count, not dollar value, and the two sources frame the comparison slightly differently. Crypto.news reports that Fidelity's comparison set blends decentralized spot exchange trades with traditional venue activity, which involve different instruments, rules and participants. Crypto Briefing describes the figure as a share of exchange activity count without detailing that methodology. Neither source reports a dollar-volume figure for the comparison.
Limits of the Comparison
Fidelity itself flagged the scope limits. Citing Nasdaq research, it noted that roughly 50% of U.S. equity trading volume took place away from exchanges in 2025, through alternative trading systems and other off-exchange venues. The 15% figure therefore does not indicate that Solana handles 15% of the American securities market. Much of Solana's activity involves crypto-native assets, while U.S. exchanges handle regulated securities.
The firm argued that the network's capacity to process large trade counts still merits consideration alongside established marketplaces, describing Solana as "an emerging piece of financial market infrastructure" while acknowledging that scale alone does not guarantee long-term success.
Network Changes Behind the Activity
Fidelity pointed to technical changes aimed at professional traders. Slot times have stabilized near 400 milliseconds, with a longer-term target of roughly 200 milliseconds. The network raised its maximum block capacity from 60 million to 100 million compute units, a 66% increase.
The Alpenglow consensus upgrade went live on October 21 with a target finality near 150 milliseconds. An independent measurement on October 23 recorded median finality around 404 milliseconds, above that target. Fidelity said transaction inclusion, reliable execution and low fees matter to market makers, and noted that proprietary automated market makers increasingly compete for liquidity provision outside conventional pools.
What to Watch
Crypto Briefing notes that the next signals will come from whether Solana's activity integrates further with traditional financial systems, from regulatory action, and from how other exchanges and institutions respond. The available reporting does not include a market price reaction tied to the Fidelity report.
Why It Matters
For Traders
The trade-count figure is a usage metric rather than a price catalyst, so watch whether network activity metrics move with SOL price in the days ahead.
For Investors
Fidelity's research signals institutional attention to Solana as infrastructure, though the scope caveats mean the headline share should not be read as market dominance.
For Builders
Higher block capacity and tighter finality targets change execution assumptions for trading applications and market makers building on Solana.
This article is for information only and is not financial advice. Read the full disclaimer.
