Invesco Files for Solana ETF Amid Growing Institutional Interest

Invesco US has filed for a Solana exchange-traded fund (ETF) with the US Securities and Exchange Commission (SEC), becoming the ninth issuer to do so. The proposed ETF, named ‘Invesco Galaxy Solana ETF,’ will be managed in collaboration with Galaxy Digital, which will handle the purchase and sale of SOL on behalf of the fund. Coinbase will serve as the fund’s custodian, and Bank of New York Mellon as the administrator. If approved, the ETF is expected to list on the Cboe BZX Exchange and track the spot price performance of Solana.

This filing comes after several other asset managers, including VanEck, Bitwise, and Grayscale, have also submitted applications for Solana-tracking ETFs. The SEC recently requested spot SOL ETF issuers to update their S-1 filings by June and clarify procedures for in-kind redemptions. Invesco’s proposed ETF aims to directly hold Solana, similar to existing Bitcoin and Ethereum spot ETFs, and will be traded under the ticker symbol QSOL.

The recent surge in filings for Solana ETFs has sparked optimism within the sector, following the approvals of Bitcoin and Ethereum ETFs and the recent highs in BTC prices. Analysts have predicted a high likelihood of Solana and other altcoin ETF approvals this year, with some estimates suggesting a 95% chance of approval. However, delays in spot crypto ETFs are expected, with approvals more likely to occur in early Q4, 2025.

Institutional interest in Solana has also been growing, as evidenced by record highs in Solana activity on the CME. Open interest in Solana futures peaked at 2,849 contracts, representing $146 million in notional value. This strong institutional positioning signals a potential imminent launch of a Solana ETF. Top firms, including Franklin Templeton, have also advanced their SOL ETF filings amid ongoing SEC review, with the commission opening a public comment period to allow feedback.

Analysts have grown bullish on SOL, with its price action reflecting ETF optimism. A trader known as Cipher X predicted an 80% chance of Solana ETF approval by July, projecting a monthly move of 40% to 50% for SOL following the ETF catalyst. Market analyst Cas Abbe also noted that Solana has rebounded from its support level, signaling a bullish sign and attributing this to the potential approval of ETFs. Abbe expects a rally in the coming month, suggesting that the approval has not yet been fully priced in.