Invesco Galaxy Registers Solana ETF Trust in Delaware

Invesco and Galaxy Digital have registered the Invesco Galaxy Solana ETF Trust with Delaware's Division of Corporations, marking a significant step towards the potential launch of a spot Solana exchange-traded fund (ETF) in the United States. This registration, which took place on June 12, 2025, is a formal legal step that paves the way for future S-1 registration or long-term interest in the Solana ETF ecosystem.

This move comes at a time when several major asset management firms are filing updated S-1 registration statements with the U.S. Securities and Exchange Commission (SEC) to launch spot Solana ETFs. This growing interest from institutional investors indicates a rising confidence in the potential of Solana as a major cryptocurrency. The updated filings by firms such as Grayscale, Fidelity, and VanEck reflect a concerted effort by the crypto and financial industries to bring Solana ETFs to the market.

The recent SEC guidance has prompted revisions in the Solana ETF filings, with a focus on staking practices and in-kind redemptions. The returns received through staking on the Solana network range within the margin of 6-8 percent per year, depending on network indicators. This additional utility makes Solana ETFs highly compelling, as the Solana network already has more than 1,900 validators and an impressive 99.9% uptime.

Invesco and Galaxy Digital, spearheading this endeavor, have previously collaborated on pioneering Bitcoin and Ethereum ETFs. The recent registration under the "Invesco Galaxy Solana ETF Trust" demonstrates institutional confidence and promises enhanced liquidity for Solana. Market observers expect financial inflows similar to Bitcoin and Ethereum's past trajectories.

The initiative comes amid increasing interest in digital asset management. Galaxy Digital has been at the forefront, with CEO Mike Novogratz acknowledging potential growth areas. If approved, the ETF could significantly influence altcoin markets, potentially impacting other Layer 1 platforms.

Institutional excitement is palpable, anticipating a dominance in Solana's trading activities. A predicted 91% approval chance by Polymarket reflects this sentiment. Historical parallels with Bitcoin and Ethereum suggest that the Solana ETF could usher heightened adoption, increasing liquidity and resultant technology-driven developments in related markets.

The registration of the Invesco Galaxy Solana ETF trust in Delaware creates a legal precedent for future S-1 registration or long-term interest in the Solana ETF ecosystem. Currently, the SEC has only authorized spot ETFs in Bitcoin and Ethereum, but the strength in the Solana cause is giving it optimal odds to become the next. Altcoin ETF proposals associated with Avalanche, Hedera, and Dogecoin are still pending. The coordinated filing, SEC interaction, and staking inclusion indicate that Solana ETFs have entered the realm of serious evaluation. The likelihood of Solana becoming a member of the ETF club has become more realistic as regulators are looking at tight factors in a more relaxed way.