Invesco and Galaxy seek approval for #etf of #solana
The investment giant Invesco and the crypto asset manager #GalaxyDigital have submitted an application to the U.S. Securities and Exchange Commission (SEC) to launch an exchange-traded fund (ETF) based on Solana. This intensifies the competition to be the first to offer a U.S.-regulated product linked to this popular blockchain network.
Details of the proposed ETF
The Invesco Galaxy Solana ETF would trade on the Cboe BZX exchange under the symbol "QSOL". Invesco Capital Management LLC would be the fund's sponsor, while Galaxy would be responsible for acquiring SOL tokens. Bank of New York Mellon would act as the administrator and Coinbase Custody Trust Company would be the custodian.
The race for the first Solana ETF
Invesco and Galaxy join a growing list of issuers seeking to launch products based on Solana. Their rivals VanEck, Bitwise, and 21Shares have also submitted applications for Solana ETFs in recent months, taking advantage of hopes that the SEC will adopt a more friendly approach towards financial instruments linked to cryptocurrencies.
A step toward regulatory approval
Following the historic approvals of spot Bitcoin and Ethereum ETFs, the SEC requested Solana ETF issuers to modify their S-1 filings, which could indicate a possible regulatory authorization. Will Invesco and Galaxy obtain approval for their Solana ETF?