Listen, an interesting story happened: Invesco, one of the major players in the investment world, and Galaxy Digital, a well-known crypto firm, teamed up to file an application with the SEC (this is the American Securities Commission) to launch an exchange-traded fund (ETF), which will be based on the Solana cryptocurrency. In short, they want anyone to be able to buy Solana through a regular stock exchange, like stocks, rather than messing with wallets and exchanges.
Their product will be called the Invesco Galaxy Solana ETF, and if approved, it will trade under the QSOL ticker on the Cboe BZX exchange. Invesco will be the sponsor, Galaxy will purchase the tokens, and Coinbase Custody, one of the largest custodians in the crypto market, will store them. That is, everything is serious and mature.
This application is not the only one. Previously, companies such as VanEck, Bitwise and 21Shares had already entered the game. All of them have applied to create ETFs focused on Solana. Moreover, the moment was not chosen by chance: after the SEC approved spot ETFs for Bitcoin and Ethereum this year, there was hope that other cryptocurrency funds would also begin to receive the "green light".
The interest in such products is huge. People are increasingly interested in tokenized assets — this is when real or digital things are "packaged" into a token and put into circulation through the blockchain. Even the Cboe applied last week for an ETF related to the Pudgy Penguins NFT project. Yes, penguins in the form of NFTs are now also becoming part of the stock market!
So now there is a real race going on: who will be the first to get SEC approval and bring the first Solana ETF to the market. This can bring billions of dollars in investments and strengthen Solana's position as the third most important cryptocurrency after bitcoin and ether.
Tell me, would you invest in such a fund yourself, or would you prefer to hold SOL directly?
