Invesco's Move on Solana: Spot ETF Application Submitted to the SEC
US-based asset management company Invesco has officially applied to the US Securities and Exchange Commission (SEC) for a spot exchange-traded fund (ETF) based on Solana (SOL). With this step, Invesco became the ninth firm to apply for a Solana ETF.
"Invesco Galaxy Solana ETF" is planned to conduct direct trading of Solana through Galaxy Digital. While Coinbase will undertake the custody services of the fund, the management of the ETF will be carried out by Bank of New York Mellon.
If approved by the SEC, the fund will trade on the Cboe BZX exchange and will reflect the spot price of Solana directly. In recent weeks, the SEC had requested clarification on the details regarding in-kind redemption processes in such ETF applications.
Invesco's move comes after giants like VanEck, Bitwise, and Grayscale, which had previously applied. All eyes are now on the SEC's response to these applications.
QSOL ETF is Coming: S-1 Filing for Solana from Invesco
Invesco's new fund aims to be listed under the code QSOL. According to the S-1 filing, the fund will hold Solana directly, just like Bitcoin and Ethereum spot ETFs. The positive atmosphere in the crypto market following the approval of Bitcoin and Ethereum ETFs supports Invesco's move.
Bloomberg's senior ETF analyst James Seyffart assessed the likelihood of Solana and similar altcoin ETFs being approved within 2025 at 95%. Seyffart noted in May that the first approvals are likely to come in the last quarter of 2025.
Currently, Solana ranks sixth in terms of market capitalization. If a spot ETF is approved, it will become the third largest cryptocurrency traded through exchange-traded funds after Bitcoin and Ethereum.
CME Solana Record: Institutional Interest Peaks Before ETF
Institutional interest in Solana is steadily increasing. SOL futures contracts on the CME Group based in Chicago have reached record levels. Last week, the number of open positions on the CME rose to 2,849 contracts, reaching a value of approximately $146 million. This indicates that institutional investors are strengthening their positions ahead of a possible ETF approval.
These developments coincide with the SEC's evaluation process for Solana ETF applications. Currently, Franklin Templeton's application is actively being reviewed by the SEC. The commission has also started the evaluation process for public comments.
According to crypto analysts, both the increase in futures and the ETF applications may herald a new rise in the price of Solana. An investor with the alias Cipher X assessed the probability of ETF approval by the end of July at 80%, stating that in this case, he expects a 40-50% increase in the SOL price on a monthly basis.
Analyst Cas Abbe mentioned in a social media post that Solana has technically recovered and is showing signs of an upward movement. According to him, the impact of ETF approval has not yet fully reflected in the price, and the possibility of a new rally is high.
After the SEC approved Ethereum spot ETFs, expectations for Solana have strengthened even more. SOL attracted market attention by testing the $150 level this week.
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