Invesco Galaxy Digital Submit Solana ETF Proposal to SEC

Invesco and Galaxy Digital have officially submitted a proposal to the United States Securities and Exchange Commission (SEC) to launch a Solana exchange-traded fund (ETF). This move marks the ninth company to enter the race for a Solana ETF, following in the footsteps of established firms such as VanEck, Bitwise, Grayscale, and Fidelity. The proposed ETF, named the Invesco Galaxy Solana ETF, aims to track the price of Solana (SOL), the sixth-largest cryptocurrency by market capitalization. The ETF will be listed on the Cboe BZX Exchange under the ticker symbol QSOL, with the Bank of New York Mellon serving as the administrator and custodian of the underlying Solana assets, and Coinbase Custody as the custodian.

The fund’s strategy involves staking Solana assets to increase its revenue. This approach allows the ETF to generate additional token rewards, which would be considered revenue to the trust. The entry of Invesco and Galaxy Digital into the Solana ETF market underscores the growing institutional interest in altcoins beyond Bitcoin and Ethereum. The companies are joining a competitive landscape where several firms are awaiting SEC approval to offer regulated access to Solana.

The SEC has until October 10, 2025, to decide on the approval of such submissions. The market prediction indicates a high probability of Solana ETFs being approved in 2025, with a 99 percent chance of approval by the year-end. This confidence reflects the increasing acceptance of the transparency of the legislation and the growing awareness of Solana as a powerful blockchain asset in mainstream society. Issuing a Solana ETF would provide investors with a regulated means of gaining exposure to Solana without necessarily holding any of the tokens themselves, potentially attracting large institutional funds.

The staking of Solana in the ETF form is also possible to optimize the interests in order to produce extra tokens. The listing of the Invesco Galaxy Solana ETF follows a series of increased cryptocurrency ETFs, now encompassing large-scale digital currencies such as Bitcoin and Ethereum. The growing popularity of altcoin ETFs indicates that investors are interested in diversified exposure to crypto in regulated forms. The success of the Invesco Galaxy Solana ETF will depend on regulatory approval, market demand, and the performance of the Solana blockchain. If approved, the ETF could provide investors with a new and exciting way to gain exposure to the cryptocurrency market, while also benefiting from the expertise and experience of Invesco and Galaxy Digital. However, the regulatory landscape for cryptocurrency ETFs remains uncertain, and investors should be prepared for potential delays or setbacks in the approval process.