• Invesco Galaxy files for Solana ETF, 9 issuers now in the race 📈💼
Invesco and Galaxy Digital have filed the initial documents to launch a spot Solana ETF, making the ninth similar entry to be put before US regulators 🏛️.
Nine asset managers are now looking to launch an exchange-traded fund (ETF) tracking Solana, with Invesco the latest to join the bidding as the firm looks to push products beyond Bitcoin and Ethereum 🔍📊
In a regulatory filing on Wednesday, Invesco and Galaxy Digital put forward the Invesco Galaxy Solana ETF, which aims to track the spot price of Solana $SOL — currently the sixth-largest cryptocurrency by market cap 💰🚀.
It’s the ninth filing for a Solana-tracking ETF, joining bids from the likes of VanEck, Bitwise and crypto ETF giant Grayscale 🏦📉.
The firms are looking to test the market’s appetite for so-called altcoins after the big success of Bitcoin ETFs launched in early 2024 🟠 and milder wins for Ether funds launched later that year 🟣.
The Trump administration has promised to ease regulations on crypto 🇺🇸, setting off a wave of optimism through the sector that has seen Bitcoin hit new highs 📈 and triggered a slate of public companies to raise billions 💸 to invest in Bitcoin long-term.
• Invesco Galaxy fund to directly hold Solana 🪙
Invesco and Galaxy’s filing — a Form S-1 registration statement to the SEC — lays out that the ETF plans to directly hold Solana, just like other competing ETFs 🔐.
If approved ✅, the ETF would trade on the Cboe BZX exchange under the ticker “QSOL” 🧾.
The firms must still submit a Form 19b-4 to propose a rule change, which is necessary for the SEC to start reviewing the ETF application 🗂️.
