Investment firms Invesco and Galaxy Digital have filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) for a spot Solana exchange-traded fund (ETF), highlighting the growing interest in altcoins from institutional investors.
Details of the Solana ETF Application
This filing marks the ninth initiative aimed at launching funds based on Solana. The application is slated for listing on the Cboe BZX exchange under the ticker 'QSOL,' with BNY as the administrator and Coinbase as the custodian.
Invesco will act as the ETF sponsor, while Galaxy, as an asset manager, will be responsible for acquiring Solana (SOL) for the fund.
Impact on Solana (SOL) Price
Despite the ETF filing news, Solana (SOL) remains volatile and is trading within a range. At the time of writing, SOL was priced around $144.94 with a 24-hour trading volume of $3.28 billion. Notably, SOL has declined over 16% in the past month, aligning with broader market downtrends.
General Market Trends
Interest in ETF products based on altcoins like Solana is growing among institutional investors, driven by increased acceptance of cryptocurrencies. The high-speed blockchain infrastructure of Solana, capable of processing up to 65,000 transactions per second, makes it appealing compared to other cryptocurrencies like Bitcoin.
The application for a Solana ETF by Invesco and Galaxy Digital highlights growing interest in this altcoin and may have potential implications for its price despite current market conditions.
