- Invesco and Galaxy Digital have filed to launch a spot Solana ETF, aiming for a Cboe BZX listing under “QSOL.”
- The proposed ETF may include a staking option, allowing the trust to earn additional SOL tokens.
- Analysts predict up to nine Solana ETFs could be approved by July, with a 90% approval likelihood.
Solana could soon become the next major cryptocurrency to receive a U.S.-listed exchange-traded fund (ETF), as asset managers Invesco and Galaxy Digital officially filed a proposal to launch the Invesco Galaxy Solana ETF. This latest submission marks the ninth attempt by financial institutions to introduce a spot Solana ETF, reflecting the growing interest in bringing more altcoin exposure to mainstream investors.
According to the regulatory filing submitted on Wednesday, the Invesco Galaxy Solana ETF will be designed to track the spot market price of Solana, the sixth-largest cryptocurrency by market capitalization. The ETF would be listed on the Cboe BZX Exchange under the ticker symbol “QSOL.” The digital assets would be held by Coinbase Custody, the institutional custody arm of the major U.S. crypto exchange Coinbase.
This filing follows a wave of enthusiasm across the crypto investment space. Asset managers such as VanEck, Bitwise, Grayscale, Franklin Templeton, 21Shares, Fidelity Investments, and Canary Capital have all submitted applications to launch similar Solana ETFs. Most of these firms already operate spot Bitcoin and Ethereum ETFs, and their move toward SOL represents a broader shift into altcoin investment products.
Also Read: New Solana ETF Filing Could Change Everything: Here’s What We Know
Invesco, Galaxy File Solana ETF With Staking Option
The decision by Invesco and Galaxy to enter the race comes at a time of renewed optimism in the crypto sector, driven in part by regulatory developments. The Trump administration has signaled plans to ease crypto regulations, sparking a bullish outlook across digital asset markets.
Bitcoin has reached new all-time highs, and institutional investment into the space has surged, prompting fund managers to explore new opportunities beyond the dominant two cryptocurrencies.
Invesco and Galaxy’s filing includes a Form S-1 registration statement, which informs the U.S. Securities and Exchange Commission (SEC) of the firm’s intent to issue a security, in this case, an ETF directly backed by SOL.
However, the firms will also need to file Form 19b-4, which proposes a rule change necessary to list the ETF. This step would officially trigger the SEC’s review process. One standout feature of the proposed ETF is its incorporation of staking. The filing outlines that the trust may occasionally stake a portion of its SOL holdings through approved staking providers.
In return, the ETF would earn additional SOL tokens, which would be considered taxable income for the trust. This feature has become increasingly common, as other ETF issuers have updated their applications to include similar staking mechanisms.
Solana ETF Approval Likely Soon
Industry analysts are optimistic about the ETF’s chances. Bloomberg ETF analysts James Seyffart and Eric Balchunas recently noted that the SEC might act sooner than expected on Solana-related filings. They forecast a possible approval by July and assign a 90 percent likelihood that the ETF proposals will be greenlit before the final October 10 deadline.
Analysts also predict that the SEC may approve all Solana ETF applications at the same time to maintain competitive fairness among issuers.
With multiple major players in the running, SOL could become the first altcoin after Ethereum to gain widespread ETF access, ushering in what some are calling the beginning of an “altcoin ETF summer.”
Also Read | Solana ETF Race Intensifies as CoinShares Files New SEC Application
