Invesco and Galaxy Digital submit an application to list the Solana ETF in the US
On June 26, a report from The Block stated that investment management company Invesco, in collaboration with cryptocurrency group Galaxy Digital, has officially submitted an application for the Solana ETF to the US Securities and Exchange Commission (SEC). The fund is expected to be listed on the Cboe BZX exchange under the trading code 'QSOL'.
Invesco acts as the fund sponsor, while Bank of New York Mellon manages the fund. Galaxy Digital is responsible for acquiring SOL Tokens, while Coinbase will act as the custodian for SOL assets, ensuring safety and transparency in digital asset management.
Intense Competition in Opening the Solana ETF
The journey to bring the Solana ETF product to the US market involves not only Invesco and Galaxy Digital. Many major players in the cryptocurrency industry, such as VanEck, Bitwise, and 21Shares, have also joined the race to propose this investment fund. This demonstrates strong interest from financial institutions in the Solana ecosystem, a blockchain platform known for its outstanding transaction processing speed and low costs.
The Importance of the Solana ETF Fund in the Cryptocurrency Ecosystem
The approval of an ETF based on the SOL Token will expand access to cryptocurrency assets for institutional and individual investors, helping to diversify portfolios and mitigate risks associated with direct ownership of digital assets. Solana is currently one of the leading blockchains in terms of performance and scalability, thereby enhancing the appeal of this ETF on the international market.
Conclusion
The event of Invesco and Galaxy Digital registering the Solana ETF marks an important milestone in bringing cryptocurrency into traditional investment products, driving significant capital flow into the cryptocurrency market and helping to increase liquidity for the SOL Token. Investors can expect strong development of this ETF in the near future, while also opening up many opportunities to capture profits from Solana and the increasingly developing cryptocurrency ecosystem.
Source: https://tintucbitcoin.com/invesco-galaxy-dua-etf-solana-moi/
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