Solana News Today: Cboe BZX Submits Application for Invesco Galaxy Solana ETF to SEC

Cboe BZX Exchange has submitted a formal application to the U.S. Securities and Exchange Commission (SEC) for the approval of the Invesco Galaxy Solana ETF, a proposed fund designed to track the spot price of Solana (SOL) and provide direct exposure to the blockchain ecosystem [1][2][3]. The filing, dated July 29, 2025, marks the first step in the SEC’s two-part regulatory process, which requires the exchange to secure approval before the fund’s sponsor, Invesco and Galaxy Digital, can finalize its registration [1][4]. This move aligns with broader efforts by asset managers to introduce regulated investment vehicles for alternative blockchain assets beyond Bitcoin and Ethereum.

The proposed ETF, if approved, would allow investors to access Solana’s native token through a traditional financial infrastructure, a strategy that has gained traction following similar applications from firms like VanEck and 21Shares [2]. A key differentiator of the Invesco Galaxy Solana ETF is its inclusion of staking rewards, which could enhance returns for investors by leveraging Solana’s proof-of-stake mechanism [1]. Cboe BZX also filed a parallel application for an Injective (INJ)-based ETF on July 15, 2025, reflecting the exchange’s broader push to expand cryptocurrency ETF offerings in the U.S. market [2][5]. These filings underscore the growing institutional interest in blockchain ecosystems, particularly those with scalable infrastructure and decentralized finance (DeFi) capabilities.

The regulatory timeline for the Solana ETF remains unclear, though the SEC has demonstrated a mixed approach to crypto-related products. For instance, the agency recently delayed the approval of Grayscale’s Solana Trust ETF until October 10, 2025, highlighting the cautious stance regulators have taken toward spot crypto ETFs [1]. This delay, however, pertains to a separate application and does not directly impact Cboe BZX’s filing. The SEC’s accelerated approval of in-kind creation and redemption mechanisms for Bitcoin and Ether ETFs in June 2025 suggests a potential pathway for Solana’s proposal, provided it meets compliance standards [6].

From an analytical perspective, the filings highlight the competitive landscape among asset managers to capture market share in the evolving crypto ETF sector. The Invesco Galaxy partnership combines Invesco’s established fund management expertise with Galaxy Digital’s deep understanding of blockchain technology, positioning the fund as a hybrid product bridging traditional and digital asset markets [3][4]. Additionally, the simultaneous launch of multiple Solana ETF applications signals increased confidence in the token’s utility and adoption, particularly in decentralized applications and cross-chain protocols.

The regulatory environment for crypto ETFs remains fluid, with the SEC’s focus on investor protection and market integrity shaping the approval process. While the filing represents a critical step for Cboe BZX and its partners, the ultimate success of the Invesco Galaxy Solana ETF will depend on the SEC’s evaluation of risks, including market volatility, custody solutions, and potential regulatory conflicts. The agency’s recent emphasis on in-kind operations for Bitcoin and Ether ETFs may provide a framework for assessing Solana’s proposal, though the unique characteristics of Layer 1 blockchain tokens could introduce additional scrutiny [6].

Cboe BZX’s official filing emphasizes Solana’s existing market liquidity and transparency, stating, “SOL’s spot market is already a mature, liquid, fair, and transparent market that has sufficient liquidity to support an ETP product,” a claim reflecting confidence in the token’s readiness for institutional adoption [1]. If approved, the ETF could further solidify Solana’s position as a key player in the crypto market, mirroring the trajectory of Bitcoin and Ethereum ETFs.

Source:

[1] SEC Delays Grayscale’s Solana ETF as Invesco Galaxy... (https://cryptobriefing.com/invesco-galaxy-files-solana-etf-cboe/)

[2] Cboe BZX Files for Injective-based ETF Alongside Solana... (https://cryptodnes.bg/en/cboe-bzx-files-for-injective-based-etf-alongside-solana-fund-proposal/)

[3] Invesco Galaxy Targets US Market with Solana Spot and... (https://coincentral.com/invesco-galaxy-targets-us-market-with-solana-spot-and-staking-etf-filing/)

[4] Cboe BZX Files for Listing of Invesco Galaxy Solana ETF... (http://www.eblockmedia.com/news/articleView.html?idxno=24779)

[5] Cboe Files to List Canary's Staked Injective ETF (https://www.cryptotimes.io/2025/07/29/cboe-files-to-list-canarys-staked-injective-etf/)

[6] SEC Approves In-Kind Redemptions and Creation for... (https://coincentral.com/sec-approves-in-kind-redemptions-and-creation-for-bitcoin-and-ether-etps/)