Invesco and Galaxy Apply for Solana Spot ETF
Invesco and Galaxy are the latest to seek approval for a Solana spot ETF in the U.S. The duo submitted their application to the Securities and Exchange Commission (SEC) on june 26.
Their proposed fund aims to give investors direct access to Solana, a top cryptocurrency, by holding it under a commodity trust. This follows the setup of Bitcoin and Ethereum ETFs.
Traders would be able to find the fund listed as “QSOL” on the Cboe BZX Exchange. The Solana assets would be safely kept by Coinbase Custody. Interestingly, the ETF might also stake some Solana to earn extra rewards.
The filing is a Form S-1 registration, a step that signals interest in creating a new security.To move forward, Invesco and Galaxy must also file a Form 19b-4.This filing suggests a rule change and triggers the SEC’s review process.
The SEC will check if the product meets legal standards. They have delayed decisions on other Solana ETFs but have not dismissed the idea. Many applications face a final review deadline in October.
Financial experts at Bloomberg predict the SEC might act on these applications sooner, possibly by July. They estimate a 90% chance of approval.
Currently, only Bitcoin and Ethereum spot ETFs are approved in the U.S. But, interest in Solana is growing, especially with its futures listed on the CME. This adds strength to the case for a Solana spot product.
