Solana News Today: Cboe Files First Staked Crypto ETF and Solana ETF as SEC Clears Staking Activities

Cboe, the operator of the Chicago Board Options Exchange, has filed to list two cryptocurrency-based exchange-traded funds (ETFs) on its BZX platform—the Invesco Galaxy Solana ETF and the Canary Staked Injective (INJ) ETF. The filings, submitted under a 19b-4 form with the U.S. Securities and Exchange Commission (SEC), aim to provide investors with exposure to Solana’s native token (SOL) and staked INJ tokens from the Injective Protocol. The proposed products reflect a growing appetite for crypto investment vehicles that combine price tracking with yield generation, as regulatory clarity around staking activities continues to evolve [1][2].

The Invesco Galaxy Solana ETF seeks to replicate the performance of SOL through a spot-based structure, offering real-time pricing and cold storage safeguards to mitigate regulatory and security risks. This approach differentiates it from futures-linked crypto ETFs, which critics argue may not accurately reflect the underlying asset’s value [3]. Meanwhile, the Canary Staked INJ ETF introduces a novel design, integrating staking rewards into its investment strategy. By locking INJ tokens on the Injective blockchain via a regulated staking platform, the fund aims to distribute passive income to shareholders. This marks the first U.S. application for an ETF tied to staked crypto assets, a move that could expand institutional participation in proof-of-stake ecosystems [4].

Regulatory developments have played a pivotal role in enabling these innovations. A May 2025 SEC ruling clarified that certain staking activities do not constitute securities offerings, removing a key legal barrier for staking-based ETFs [2]. This guidance aligns with the agency’s recent approvals of staked Solana and Ethereum ETFs, signaling a shift toward accommodating crypto investment products. Alison Mangiero of the Crypto Council for Innovation highlighted the ruling as a “pivotal development” for the sector, though she noted Injective’s staking mechanism may face closer scrutiny due to its structural differences from existing offerings [3].

The SEC’s review process for the 19b-4 filings is expected to take up to 240 days, with initial feedback anticipated by early September 2025. Approval would position the Canary Staked INJ ETF as only the third staking-enabled ETF in the U.S., joining the recently launched staked Solana and Ethereum products. Market participants are closely watching whether the INJ ETF, currently trading at $15.10—a 71% decline from its 2024 high—can drive liquidity and institutional demand following approval. Analysts remain cautious, emphasizing that regulatory clarity and market appetite will determine the products’ success [2].

Cboe’s filings underscore broader industry trends, as firms seek to diversify crypto investment options amid rising demand for alternative assets. The firm’s experience with the recently approved staked Solana ETF could strengthen its case with regulators, though competition from other exchanges pursuing similar products may influence approval timelines and terms. If successful, the initiative could pave the way for a new wave of staking-based ETFs targeting other proof-of-stake blockchains, further bridging the gap between traditional finance and blockchain innovation [4].

Sources:

[1] CoinGape. (2025, July 10). Breaking: Cboe Files To List Invesco Galaxy Solana ETF. https://coingape.com/cboe-files-to-list-invesco-galaxy-solana-etf/

[2] The Block. (2025, July 9). Cboe Equities Exchange Takes the Next Step and Files for Canary’s Staked INJ Fund. https://www.theblock.co/post/364524/cboe-equities-exchange-takes-the-next-step-and-files-for-canarys-staked-inj-fund

[3] AInvest. (2025, July 22). Solana News Today: CBOE Files 19b-4 for Staked INJ ETF. https://www.ainvest.com/news/solana-news-today-cboe-files-19b-4-staked-inj-etf-potential-staked-crypto-etf-2507/

[4] The Crypto Times. (2025, July 29). Cboe Files to List Canary’s Staked Injective ETF. https://www.cryptotimes.io/2025/07/29/cboe-files-to-list-canarys-staked-injective-etf/