Currently, nine asset managers are filing for exchange-traded funds (ETFs) that track Solana, with Invesco and Galaxy Digital being the latest entries.
Plans for a Solana ETF
On Wednesday, Invesco and Galaxy Digital filed for registration of an ETF aimed at tracking the spot price of Solana, currently the sixth-largest cryptocurrency by market cap. This marks the ninth filing for a Solana ETF, joining bids from firms like VanEck and Bitwise.
Strategy and Objectives of New ETFs
The planned ETF will directly hold Solana, similar to other competitors. If approved by regulators, it would trade on the Cboe BZX exchange under the ticker 'QSOL'. The firms will need to submit a Form 19b-4 to record a rule change for the SEC to begin considering approval for the ETF.
Market Outlook for Altcoins
Asset managers are looking to test market appetite for altcoins, having witnessed significant success with Bitcoin ETFs launched in early 2024 and more modest wins with funds tied to Ether launched later that year.
The partnership between Invesco and Galaxy Digital highlights the growing interest in investments in Solana and other altcoins, signaling potential market expansion. With further regulatory support and increased investments in Bitcoin, the future of crypto investments appears promising.
