Galaxy Digital, in collaboration with Invesco, have submitted an S-1 filing for a ninth Solana exchange-traded fund (ETF).
Unleashing the Solana Wave: Invesco and Galaxy Pitch for a New ETF
Among the crowded cryptocurrency landscape, Invesco and Galaxy are gunning for the spotlight with a fresh application for a Solana ETF. The duo has set their sights on the USSecurities and Exchange Commission (SEC), submitting a proposal to offer a fund that'll provide unfiltered exposure to Solana, the sixth-largest crypto by market cap.
The proposal, revealed in a June 26 filing, envisions a non-traditional approach for the Solana accumulation. The fund would maintain the Solana assets within a commodity trust structure, mirroring the footprints of Bitcoin and Ethereum ETFs.
Stepping onto the exchange scene, the ETF would dance under the 'QSOL' moniker on the Cboe BZX Exchange. Coinbase Custody has been tapped for the custodian role, safeguarding the Solana assets tucked away within the fund.
In case you missed it, the ETF filing is more of an invitation than an guaranteed green light for the product. Before the 'QSOL' can hit the dance floor, Invesco and Galaxy need to file a Form 19b-4, proposing a rule change and sparking the formal review process.
The SEC will scour the ETF through its regulatory gauntlet, evaluating whether it aligns with the Securities Exchange Act's standards.
Invesco and Galaxy set the stage for a Solana Trust:Shrewd as ever, Invesco and Galaxy have laid the groundwork for the "Invesco Galaxy Solana Trust" in Delaware earlier this month, paving the way for its regulatory trek. Other contestants, including VanEck, Bitwise, Grayscale, and Fidelity, have also submitted Solana ETF proposals, biding their time in the SEC's reviewing queue as anticipation for altcoin ETFs gathers steam.
Despite the SEC's delay in making several Solana ETF decisions and its calls for updates from the issuers, analysts suggest approval could be within reach. The final judgement on most of the filings originally targeted October, but speculations point towards an earlier decision, possibly as early as July 2025, if the SEC expedites their reviews.
The Solana ETFs stay unauthorized in the United States as of now, with approval limited to Bitcoin and Ethereum. However, the advent of CME-listed Solana futures and the growing institutional interest in Solana have fortified the case for a spot product.
SEC's dance floor: Will Solana ETF applications top the chart?As the SEC's final decision dance-off approaches, insiders are pinning their hopes on a high-probability 90% approval rate for Solana ETF applications this year. The dance could kick off as early as July 2025, possibly beating the October deadline, provided there are no hiccups in the final review stages and the public voice their opinions during the comment period. The stage seems set for a rhythmic rollout, but only time will tell if Invesco and Galaxy's Solana steps land on the winners' podium.
- Invesco and Galaxy's "Invesco Galaxy Solana Trust" is awaiting regulatory approval, joining other Solana ETF proposals from VanEck, Bitwise, Grayscale, and Fidelity in the SEC's reviewing queue.
- The approval of Solana ETFs in the United States is currently limited to Bitcoin and Ethereum, but the growing institutional interest in Solana and the advent of CME-listed Solana futures have strengthened the case for a spot product.
- Analysts suggest that the approval rate for Solana ETF applications could be as high as 90% this year, with the first decisions potentially being made as early as July 2025 instead of the original October target, if the SEC expedites their reviews.
- The final decision for Solana ETF applications will be made by the SEC and will depend on whether they align with the Securities Exchange Act's standards, following the review process that starts with the filing of a Form 19b-4.
.){kind=link}