Invesco and Galaxy Digital Team Up for Solana ETF
Invesco and Galaxy Digital have taken a significant step toward launching a Solana exchange-traded fund (ETF) in the U.S. They registered a trust in Delaware, named “Invesco Galaxy Solana Trust.” This move is crucial for bringing a spot Solana ETF too the market.
While the registration doesn’t ensure approval, it paves the way for regulatory filings. This trust follows the trend set by other asset managers like VanEck and bitwise. These firms are expanding crypto ETF options beyond Bitcoin and Ethereum.
Delaware statutory trusts are popular for digital asset funds. The next steps include filing an S-1 with the SEC and a 19b-4 submission via a national exchange. Solana, the fifth-largest crypto by market cap, could soon offer investors direct exposure to Solana.
currently, U.S.regulations only allow spot ETFs for Bitcoin and Ethereum. However, the recent approvals have sparked hope for other cryptos. Invesco and Galaxy already manage a Bitcoin ETF called BTCO, showing their commitment to crypto investments.
Key points to watch:
- Delaware trust registration is a preliminary step.
- Next, they’ll file with the SEC and await a 240-day review.
- Approval is uncertain due to SEC concerns about market surveillance.
For more details, visit the Invesco website and Galaxy Digital’s page.
