According to Cointelegraph, nine asset managers are currently vying to launch an exchange-traded fund (ETF) that tracks Solana, with Invesco being the latest to enter the competition. The firm aims to expand its product offerings beyond Bitcoin and Ethereum. In a regulatory filing on Wednesday, Invesco, in collaboration with Galaxy Digital, proposed the Invesco Galaxy Solana ETF. This fund is designed to track the spot price of Solana (SOL), which is presently the sixth-largest cryptocurrency by market capitalization. This marks the ninth filing for a Solana-tracking ETF, joining other contenders such as VanEck, Bitwise, and Grayscale, a prominent player in the crypto ETF space.
The asset managers are keen to gauge the market's interest in altcoins following the significant success of Bitcoin ETFs launched in early 2024 and the moderate achievements of Ether (ETH) funds introduced later that year. The Trump administration has pledged to relax regulations on cryptocurrencies, sparking optimism across the sector. This regulatory shift has contributed to Bitcoin reaching new heights and has prompted several public companies to collectively raise billions for long-term investments in Bitcoin.
Invesco and Galaxy's filing, a Form S-1 registration statement, informs the Securities and Exchange Commission (SEC) of their intention to launch a security. The proposed ETF plans to directly hold Solana, similar to other competing ETFs. If approved by the SEC, the ETF would be traded on the Cboe BZX exchange under the ticker "QSOL." To initiate the approval process, the firms must submit a Form 19b-4, which records a rule change with the SEC. This is an evolving story, and additional information will be provided as it becomes available.
