Invesco Galaxy Files for Solana ETF on Cboe BZX Exchange

Invesco and Galaxy Digital have jointly submitted a registration statement to the U.S. Securities and Exchange Commission (SEC) for the Invesco Galaxy Solana ETF. The proposed exchange-traded fund (ETF) is set to trade on the Cboe BZX Exchange under the ticker symbol 'QSOL' if approved. This filing marks a significant step in the integration of Solana, a high-speed and low-cost blockchain platform, into traditional investment vehicles.

Key players in the ETF structure include Invesco Capital Management LLC as the fund sponsor, The Bank of New York Mellon as the administrator, Galaxy Digital responsible for acquiring and managing Solana (SOL) tokens, and Coinbase Custody Trust Company, LLC as the custodian of the underlying SOL assets. This collaborative effort underscores the growing interest in Solana from institutional investors and developers, positioning Invesco and Galaxy among a growing list of issuers seeking to expand crypto ETF offerings beyond Bitcoin and Ethereum.

If approved, the Invesco Galaxy Solana ETF would be one of the first U.S.-listed products offering direct exposure to Solana. This development signals a potential milestone in the integration of Layer 1 tokens into traditional investment vehicles, reflecting the broader acceptance of Solana within institutional investment circles. The ETF's listing on the Cboe BZX exchange under the symbol "QSOL" further underscores the growing interest in Solana as a viable investment option.

The filing of the Invesco Galaxy Solana ETF comes at a time when the crypto industry is experiencing a surge in optimism, driven in part by the SEC's approval of spot bitcoin ETFs. This optimism has led to increased interest in altcoins, which include all cryptocurrencies other than bitcoin. As investors seek the next breakout opportunity, asset managers are pushing to capitalize on the growing demand for altcoins. VanEck and Bitwise are among the other asset managers that have filed for Solana ETFs, indicating a competitive landscape for crypto ETFs.

The Invesco Galaxy Solana ETF is designed to track the spot price of Solana, with staking rewards and institutional-grade custody. This move signals the broader acceptance of Solana within institutional investment circles. The fees that Invesco plans to charge for the ETF have not been disclosed. The filing of the Invesco Galaxy Solana ETF is part of a broader trend of asset managers seeking to tap opportunities beyond bitcoin. The crypto industry has seen a wave of optimism over the past year, fueled by hopes of friendlier regulation and the approval of spot bitcoin ETFs. As the industry continues to evolve, the approval of Solana ETFs could provide investors with new opportunities to gain exposure to the growing altcoin market. The SEC could give the green light to a group of Solana ETFs by the end of July at the earliest, according to people familiar with the matter.