Invesco and Galaxy Digital are the latest to file for a Solana ETF to list under the ticker QSOL on the Cboe BZX Exchange.
Invesco and Galaxy Join Race to Launch Solana ETF
In their filing, the proposed fund, called the Invesco Galaxy Solana ETF, would track the real-time price of Solana (SOL), which is currently the sixth-largest cryptocurrency, priced at $144.46.
If approved, this would be the ninth Solana ETF in the works, joining similar efforts from VanEck, Bitwise, Grayscale, and others. The growing list shows asset managers trying to offer more crypto investment options beyond Bitcoin and Ethereum.
The ETF would directly hold Solana tokens, with Coinbase Custody responsible for securing the assets. It would trade on the Cboe BZX exchange under the ticker “QSOL.”
Before it can launch, the firms still need to file a 19b-4 form to request SEC approval.
Solana ETFs May Include Staking for Extra Rewards
The Invesco Galaxy Solana ETF may also stake some of its SOL tokens, meaning it could lock up a portion of its assets to earn extra rewards in the form of more Solana.
The filing says this staking could happen “from time to time” through trusted providers, and any rewards earned might count as income for the fund.
Other companies applying for Solana ETFs have also updated their filings to include staking.
SEC May Approve Solana ETFs by July
Bloomberg’s analysts James Seyffart and Eric Balchunas estimate there’s a 90% chance these Solana ETFs get approved.
According to Seyffart, the SEC could approve Solana ETFs, including those with staking, as early as July, possibly along with crypto basket ETFs.
Balchunas added that we could be heading for an “altcoin ETF summer,” with Solana likely at the front of the pack.
The SEC has until October 10 to make a final decision. If approved, all nine Solana ETFs are expected to launch at the same time so no firm gets a head start.
The nine companies in the race to launch a Solana ETF are VanEck, Bitwise, Grayscale, Invesco, 21Shares, CoinShares, Canary Capital, Franklin Templeton, and Fidelity. All except Canary have already launched Bitcoin and Ethereum ETFs, while Canary has focused on ETFs for other altcoins.
