Invesco Galaxy Registers Solana ETF Trust Ahead of SEC Review

Invesco and Galaxy Digital have taken a significant step toward launching a Solana exchange-traded fund (ETF) in the US market. Public records indicate that the firms registered a trust named Invesco Galaxy Solana ETF with Delaware’s Division of Corporations on June 12. This move is part of a broader trend where several firms have created Delaware statutory trusts before seeking approval from the US Securities and Exchange Commission (SEC) to launch a crypto ETF. This structure provides a legal framework and signals intent to regulators and investors alike.

If Invesco and Galaxy proceed as expected, the next milestone will be filing an S-1 registration statement with the SEC. This filing would formally initiate the regulatory review process required to list the product on a national securities exchange. The SEC has asked prospective issuers to update their S-1 filings within one week, indicating active dialogue between the regulator and market participants. Discussions have also reportedly included whether to permit limited staking functionality within approved ETFs, a feature that could enhance investors’ returns.

The momentum around a potential approval for a Solana ETF product is building. According to prediction market Polymarket, there is a 91% probability that such a product will receive approval in 2025. This optimism follows reports suggesting the SEC may greenlight the first Solana ETFs as early as July. Should the ETF secure approval, the product would allow investors to gain exposure to Solana’s price performance through a regulated vehicle, without direct custody or purchase of the digital asset.

However, the level of investor demand remains uncertain. Analysts have noted that while the product will likely attract some inflows, they are unlikely to match the scale of demand seen with Bitcoin ETFs. The further away from Bitcoin, the less assets there will be, according to analysts. This suggests that while there is interest in Solana ETFs, it may not reach the same heights as Bitcoin ETFs.