- Invesco and Galaxy file for a Solana ETF, joining eight other major contenders
- SEC may approve Solana ETFs by July, but SOL’s price trends have remained bearish lately
In a fresh push to expand the scope of crypto-backed exchange-traded products, investment firm Invesco Ltd and digital asset manager Galaxy Digital have jointly filed for a Solana [SOL] ETF with the U.S Securities and Exchange Commission.
The proposed fund, titled the “Invesco Galaxy Solana ETF,” would be traded under the ticker symbol “QSOL” on the Cboe BZX Exchange, with Coinbase Custody managing the underlying Solana holdings if approved.
This marks the ninth Solana-focused ETF application submitted to U.S regulators, with Invesco joining a growing list of contenders that includes VanEck, Bitwise, and Grayscale.
Source: James Seyffart/X
All about Invesco and Galaxy’s Solana ETF filing
Invesco and Galaxy’s recent Form S-1 filing outlines their intention to launch a Solana ETF that directly holds the asset, mirroring the structure of other Spot-based crypto ETFs.
Interestingly, the firms included provisions that allow staking a portion of the ETF’s SOL through trusted providers.
This approach could generate additional yield for the fund via staking rewards, which may be treated as income.
Additionally, other Solana ETF contenders have also updated their filings with similar staking strategies, signaling a growing trend among issuers to enhance fund performance through this mechanism.
This shows that institutional investors are clearly recognizing and tapping into the unique benefits that crypto-based ETFs offer, beyond just price appreciation.
Riding on the strong performance of Bitcoin ETFs and the moderate success of Ethereum funds in 2024, asset managers are now actively exploring investor appetite for altcoin-backed products, beginning with Solana.
Supporting this momentum, the SEC recently asked Solana ETF issuers to revise their S-1 filings, indicating that regulatory approval may be closer than expected.
Analysts and betting markets are optimistic
Bloomberg ETF analyst James Seyffart recently stated that the agency could approve the filings as early as July, potentially alongside ETFs tracking multiple cryptocurrencies.
This surge in developments shows that both institutional and retail investors are actively seeking broader exposure to the crypto market.
As anticipation builds for what analysts are calling a potential “altcoin ETF summer,” Balchunas declared Solana as the frontrunner in this new wave.
With prediction markets assigning a 90% probability of SEC approval and a final decision deadline of 10 October, the stage is set for all nine proposed Solana ETFs to potentially launch simultaneously, ensuring a level playing field.
However, despite the excitement, SOL’s market performance has been muted lately. At press time, it was trading at $143.71, with technical indicators like RSI and MACD signaling a bearish trend.
