Invesco and Galaxy have become the ninth firms to file for a spot Solana Exchange-Traded Fund (ETF) with the U.S. Securities and Exchange Commission (SEC). The proposed “Invesco Galaxy Solana ETF,” detailed in a Form S-1 registration statement filed on Wednesday, aims to offer investors direct exposure to Solana (SOL).
Following the structure of existing Bitcoin and Ethereum ETFs, the fund would hold SOL directly under a commodity trust, trading on the Cboe BZX Exchange under the ticker symbol “QSOL.” Coinbase Custody is designated as the custodian for the underlying Solana assets. Notably, the ETF also plans to stake a portion of its SOL holdings to generate additional token rewards, which would be recognized as income to the trust.
While the S-1 filing indicates the intent to launch the new security, Invesco and Galaxy must also submit a Form 19b-4. This separate filing proposes a rule change and formally initiates the SEC’s review process, which will determine if the product meets regulatory standards under the Securities Exchange Act.
Invesco and Galaxy had previously registered the “Invesco Galaxy Solana Trust” in Delaware earlier this month, a precursor to this latest regulatory step. They join a growing list of applicants, including industry heavyweights like VanEck, Bitwise, Grayscale, and Fidelity, all of whom are awaiting SEC decisions on their own Solana ETF proposals.
The SEC has, to date, delayed decisions on several existing Solana ETF applications and has requested updated information from issuers. However, the commission has not ruled out eventual approval, with final decision deadlines for many filings set for October. Optimism among analysts remains high, with Bloomberg analysts James Seyffart and Eric Balchunas speculating a 90% likelihood of approval as early as July.
Currently, the U.S. market only features spot ETFs for Bitcoin and Ethereum. However, the existence of CME-listed Solana futures contracts and increasing institutional engagement with the asset are seen as strong indicators bolstering the case for a spot Solana product.
