Invesco Galaxy Registers Solana ETF Trust in US

Invesco and Galaxy Digital have taken a significant step towards launching a Solana exchange-traded fund (ETF) in the United States. On June 12, the two firms registered the “Invesco Galaxy Solana Trust” with Delaware’s Division of Corporations. This registration is a crucial initial move in the process of potentially listing a spot Solana ETF on a U.S. securities exchange. The statutory trust structure is commonly used by asset managers before filing with the U.S. Securities and Exchange Commission (SEC), providing a legal framework to support the launch of an ETF. This approach mirrors recent filings by other firms aiming to expand crypto ETF offerings beyond Bitcoin and Ethereum.

The next expected step for Invesco and Galaxy would be submitting a Form S-1 with the SEC. That filing initiates the review process required for listing the ETF on a national exchange. While registration does not confirm approval, it positions the firms to proceed with formal regulatory steps. The SEC is reviewing filings and may allow staking features in future crypto ETFs including Solana. Staking could become a key feature for some crypto ETFs. If permitted, it may allow funds to earn additional yield by securing the blockchain network.

Interest in a Solana ETF has increased in recent months. Several asset managers have moved to establish similar trusts as attention shifts toward alternative cryptocurrencies. Solana is the fifth-largest cryptocurrency by market value and remains a widely followed token among investors. The potential approval of a Solana ETF is widely viewed as a transformative event, echoing the market impact of Bitcoin ETFs introduced in 2024. These earlier launches paved the way for greater regulatory clarity and institutional participation, which in turn enhanced market depth and investor confidence. Solana’s innovative blockchain technology and growing ecosystem make it a prime candidate for similar institutional integration. The ETF could serve as a gateway for traditional investors to access Solana’s decentralized finance (DeFi) applications and smart contract capabilities, broadening its market footprint.

Should Invesco and Galaxy move forward, they will need to submit a 19b-4 form alongside the S-1. This would allow a securities exchange to seek approval to list the ETF. The SEC typically takes up to 240 days to review such applications. Invesco and Galaxy already operate a Bitcoin ETF under the name BTCO. Their push into Solana mirrors broader efforts by firms who have submitted similar filings. The trend shows growing institutional interest in regulated altcoin products. While investor demand for Solana-based ETFs may not match Bitcoin, the product would offer a simpler and regulated way to gain exposure. The trust registration sets the stage for further action as firms wait on regulatory guidance.