Invesco Galaxy Files for Solana ETF QSOL on Cboe BZX Exchange

Invesco and Galaxy Digital have submitted a new filing to the U.S. Securities and Exchange Commission (SEC) for a Solana-focused exchange-traded fund (ETF). The proposed ETF, named the Invesco Galaxy Solana ETF, will trade under the ticker “QSOL” on the Cboe BZX Exchange. This development marks a significant step in the growing interest in Solana ETFs, with several other firms also filing for similar products.

The Invesco Galaxy Solana ETF aims to track the spot price of Solana (SOL) using the Lukka Prime Solana Reference Rate. This benchmark reflects real-time market prices, allowing investors indirect exposure to Solana. The ETF will hold the asset directly and function under a commodity trust structure, with Coinbase Custody serving as the custodian for the Solana holdings. The ETF may also stake a portion of its SOL to earn token rewards, which will be treated as income to the trust. This filing is a Form S-1 registration, indicating the fund’s intent to launch, although a Form 19b-4 is still required to begin the official review process.

Invesco and Galaxy registered the Invesco Galaxy Solana Trust in Delaware earlier this month, initiating the formal regulatory path for the fund. The SEC must now decide if the proposal meets the necessary rules under the Securities Exchange Act. Approval would place QSOL among the first Solana ETFs in the United States. However, the SEC has not yet approved any altcoin ETFs, with only Bitcoin and Ethereum spot ETFs having received the green light.

Several other firms have filed for similar Solana products, including VanEck, Fidelity, Bitwise, and Grayscale. Many of these issuers have updated their proposals to include staking features after the SEC approved Ethereum ETFs with staking rewards. VanEck’s Solana ETF (ticker: VSOL) has already been listed on the DTCC platform, suggesting forward movement in the approval pipeline.

Industry analysts estimate a 90% chance that the SEC will approve a Solana ETF by the end of 2025. Some predict a possible decision as early as July. These forecasts reflect increasing institutional interest in Solana and the SEC’s evolving stance on crypto-based funds. The rise in filings underscores growing competition in the Solana ETF space, with Invesco and Galaxy now being the ninth issuer to seek regulatory approval for a Solana spot ETF.