Stacy Pereira
- Invesco Galaxy Solana ETF joins a list of eight other funds to track spot Solana prices
- The ETF plans to trade on the Cboe BZX exchange under the ticker “QSOL”
- Analysts see a potential approval for SOL ETFs as early as July or latest by end-2025
Asset manager Invesco, in partnership with Galaxy Digital, has submitted a Form S‑1 to the US Securities and Exchange Commission (SEC) for its Invesco Galaxy Solana ETF. The fund seeks to deliver regulated, spot‑price exposure to Solana (SOL). This marks the ninth distinct issuer contending for a U.S. spot Solana ETF.
The Invesco Galaxy Solana ETF is set to trade under the ticker symbol QSOL. Galaxy Digital Funds will act as the fund’s execution partner, handling the buying and selling of Solana (SOL). Coinbase has been appointed as the custodian responsible for securely holding the fund’s crypto assets.
Invesco & Galaxy Digital are joining the likes of VanEck (VSOL), Grayscale, Bitwise, Fidelity, Franklin Templeton, 21Shares, Canary Capital, and CoinShare, who have already approached the regulator with similar ETF products.
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What typically happens is the company registers for a new fund by filing the Form S-1 with the SEC. What they could also do is file the 19b‑4 rule change, which is needed to list on public exchanges. This is similar to the request by CBOE to allow the Canary PENGU ETF to trade on the exchange.
Earlier in June, the SEC had asked prospective Solana ETF issuers to submit amended S-1 forms within 30 days of their submission. Typically, the regulator responds within ~30 days of amendments. This has raised analysts’ hopes that in 3 to 5 weeks, a final decision on the fate of SOL ETFs will be taken.
Among the amendments filed by 7 of the issuers was a clarification on staking provisions. Staking is a way for ETFs to earn yield by pledging tokens to a decentralized network or financial rewards.
Many market analysts see a 90% to 95% chance of the approval coming through by July. Some have placed their bets of seeing the green signal by the end of 2025. With altcoin demand now riding the momentum, hope is high that Solana ETF approval will mirror that of spot Bitcoin and Ethereum ETFs.
The SEC is weighing more than two dozen applications for altcoin-based ETFs, including not only Solana but XRP, Dogecoin, Cardano, Polkadot, and Hedera.
DISCLAIMER
This article is for informational purposes only and does not constitute financial, investment, or legal advice. Readers are encouraged to conduct their own research and consult with professional advisors before engaging in any financial activities involving cryptocurrencies.
