Solana is gaining traction in the crypto market due to increasing institutional interest and new ETF applications.
Invesco's ETF Application for Solana
Asset manager Invesco has filed for a Solana-based ETF in partnership with Galaxy Digital, making it the ninth firm seeking regulatory approval to launch a Solana ETF. The ETF is set to directly hold SOL tokens, aiming to mirror the cryptocurrency's spot price.
Custody and Staking Structure
The Invesco Galaxy Solana ETF will use Coinbase Custody to securely hold its SOL assets. Additionally, the ETF may stake a portion of its assets to earn yields, further diversifying returns.
Prospects for Solana and the ETF Market
The wave of Solana ETF applications aligns with renewed optimism in the U.S. crypto sector, with analysts suggesting that the SEC may approve these applications as early as July, marking a potential milestone for Solana and altcoins overall.
With growing interest in Solana and the emergence of ETF filings, this cryptocurrency is positioning itself for significant recognition within traditional finance.
