Asset management firm Invesco and crypto investment firm Galaxy Digital have filed a proposal to launch a spot Solana exchange-traded fund (ETF), marking the ninth such application to be submitted to U.S. regulators.
According to a Form S-1 registration filed with the Securities and Exchange Commission (SEC) on Wednesday, the proposed Invesco Galaxy Solana ETF would directly hold Solana ($SOL ), the sixth-largest cryptocurrency by market capitalization. If approved, the ETF would trade under the ticker QSOL on the Cboe BZX Exchange.
Invesco and Galaxy join a rapidly expanding field of issuers vying to bring Solana-based ETFs to market. Other firms with pending applications include VanEck, Bitwise, and Grayscale, reflecting growing interest in altcoin products following the successful debut of spot Bitcoin ETFs in early 2024 and the more modest rollout of Ethereum ETFs later in the year.
The wave of filings comes amid a more favorable regulatory climate under the Trump administration, which has pledged to ease restrictions on the crypto sector. That shift has helped propel Bitcoin to new all-time highs and sparked a surge in institutional investment.
Before the SEC can formally consider approval, Invesco and Galaxy must file a Form 19b-4 to initiate the rule change process. If approved, QSOL would offer traditional investors a regulated gateway to gain exposure to Solana without directly holding the token.
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