Invesco and Galaxy Digital Propose Solana ETF

Nine asset managers are now looking to launch an exchange-traded fund (ETF) tracking Solana. Invesco is the latest to join this initiative as the firm aims to expand its product offerings beyond Bitcoin and Ethereum.

Regulatory Filing by Invesco and Galaxy Digital

In a regulatory filing on Wednesday, Invesco and Galaxy Digital introduced the Invesco Galaxy Solana ETF. This ETF seeks to track the spot price of Solana (SOL), which is currently the sixth-largest cryptocurrency by market capitalization.

This marks the ninth filing for a Solana-tracking ETF, joining applications from other firms such as VanEck, Bitwise, and crypto ETF giant Grayscale.

Market Appetite for Altcoin ETFs

These firms are testing the market’s appetite for altcoin ETFs following the significant success of Bitcoin (BTC) ETFs launched in early 2024 and moderate achievements for funds tied to Ether (ETH) that debuted later that year.

The Trump administration has pledged to ease regulations on cryptocurrencies, sparking optimism across the sector. This has led Bitcoin to reach new highs and prompted a series of public companies to collectively raise billions for long-term Bitcoin investments.

Invesco Galaxy Fund to Directly Hold Solana

The filing by Invesco and Galaxy Digital, a Form S-1 registration statement submitted to the Securities and Exchange Commission, outlines their plan to launch a security. The proposed ETF intends to directly hold Solana, similar to other competing ETFs.

If approved by the regulator, the ETF would be traded on the Cboe BZX exchange under the ticker “QSOL.”

To initiate the regulatory approval process, the firms will need to submit a Form 19b-4, which records a rule change with the SEC.

This is a developing story, and further information will be added as it becomes available.

Image Credit: cointelegraph.com