The U.S.-based Cboe BZX Exchange has officially filed an application to list the Invesco Galaxy Solana ETF — a fund offering direct exposure to the price of Solana (SOL) along with integrated staking rewards. If approved, this would become one of the very first spot Solana ETFs in the United States.
🔹 Solana ETF: Direct SOL Holdings with Staking Benefits
According to documents filed with the SEC, the Invesco Galaxy Solana ETF would operate as a commodity trust, giving investors direct exposure to Solana’s spot price by holding actual SOL tokens. A portion of these tokens would also be staked through trusted providers, generating passive yield for the fund — classified as income.
➡️ The ETF will track the Lukka Prime Solana benchmark rate, with pricing updated every 15 seconds based on data from major exchanges including Binance, Coinbase, Kraken, and OKX.
➡️ Invesco Capital Management will act as sponsor, while Fidelity will handle administration and distribution.
➡️ Custody of the SOL tokens will be managed by an external custodian using segregated cold wallets for top-tier security.
🛡️ Cboe Emphasizes Solana Market Integrity
Cboe’s filing highlights that Solana operates on a 24/7, global, decentralized market with an average daily trading volume of $2 billion, significantly reducing the risk of price manipulation. The application references the same regulatory logic used in earlier approvals of spot Bitcoin and Ethereum ETFs.
Interestingly, Solana futures only began trading on CME in March 2025 and have yet to meet the "significant size" standard. This ETF would therefore offer investors regulated access to SOL without the need to self-custody crypto or rely on offshore platforms.
🆕 Injective (INJ) Enters the ETF Arena
Alongside the Solana ETF filing, Cboe has also proposed listing the Canary Staked INJ ETF, a fund that tracks the performance of the Injective (INJ) token. Like the Solana ETF, it would hold actual INJ tokens and stake a portion to generate income.
This fund is designed to track the CoinDesk INJ USD CCIX NY 60-minute rate. Cboe also noted that the U.S. market cap of Injective has surpassed $1.4 billion as of July 2025.
📈 U.S. Markets Enter the Altcoin ETF Era
This dual move — filing for both a spot Solana ETF and a staking-based Injective fund — signals a broader trend toward regulated altcoin access via ETFs in the United States.
While Bitcoin and Ethereum paved the way, other major blockchain networks are now stepping onto the stage.
Currently, SOL trades at approximately $184.23, down 1.3% over the last 24 hours — but the ETF initiative could soon reverse that trend.
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