Invesco Galaxy File for Solana ETF Trust in Delaware

Invesco and Galaxy Asset Management, the fund management arm of Galaxy Digital, have taken a significant step towards launching a Solana ETF by filing to register a trust in Delaware. This move indicates that a formal application to the Securities and Exchange Commission (SEC) may be on the horizon. The filing is a crucial early step in the process of bringing a Solana-based exchange-traded fund to the market.

Once the formal application is submitted, Invesco and Galaxy Asset Management will join a growing list of asset managers seeking to launch a spot Solana ETF in the US. This list includes prominent names such as Grayscale, VanEck, Bitwise, 21Shares, Canary Capital, Franklin Templeton, and Fidelity. Notably, nearly every fund manager that offers US-listed spot Bitcoin and Ethereum ETFs is now pursuing a Solana-based counterpart, with the exception of BlackRock.

The latest developments by Invesco and Galaxy come at a time of increasing optimism surrounding the potential SEC approval of spot Solana ETFs. This optimism has been fueled by reports that the SEC has engaged directly with ETF issuers, instructing them to submit revised S-1 registration statements. These requested revisions suggest a possible fast-tracking of the approval process, which some sources believe could be concluded within three to five weeks. Additionally, the SEC has reportedly signaled its openness to staking within the ETF structure.

According to analysts' forecasts, there is a high likelihood of approval for Solana and Litecoin ETFs this year. Eric Balchunas and James Seyffart, ETF analysts, estimate a 90% chance of approval for these ETFs, placing them at the top of their list. XRP ETFs follow closely with approval odds of roughly 85%.