Invesco and Galaxy have become the ninth issuer to file for a Solana ETF, offering direct exposure to SOL, the sixth largest cryptocurrency.
Fund Overview
The proposed fund will trade under the ticker 'QSOL' on the Cboe BZX Exchange, with Coinbase Custody set as the custodian for Solana assets. The fund may also stake a portion of its SOL holdings to earn additional token rewards.
ETF Registration Process
The filing is a Form S-1 registration statement, which informs the SEC of the intent to launch a new security. Invesco and Galaxy must also submit a Form 19b-4 to initiate the formal review process. The SEC will then determine whether the product meets regulatory standards.
SEC Approval Prospects
Other applicants for Solana ETFs, such as VanEck, Bitwise, Grayscale, and Fidelity, are awaiting SEC decisions. While the SEC has not yet approved any altcoin ETFs in the U.S., analysts speculate that approvals may be possible soon.
The filing by Invesco and Galaxy for a Solana ETF adds to the growing interest in altcoins despite the current restrictions on approving similar funds in the U.S.
