Invesco Galaxy has formally filed with the U.S. Securities and Exchange Commission (SEC) to create an exchange-traded fund (ETF) based on Solana (SOL).
ETF Application and Structure
The filing was made for the Invesco Galaxy Solana ETF, which is requested to be listed and traded on the Cboe BZX exchange. According to the filing dated July 28, 2025, the product will be listed under BZX Rule 14.11(e)(4).
Regulatory and Legal Information
The legal structure of the ETF is based on a trust fund established in Delaware on June 12, 2025, which will operate as a grantor trust for federal tax purposes. The ETF has no fixed expiration date. The sponsor of the fund will be Invesco Capital Management LLC. The ETF will be registered with the SEC via Form S-1 under the Securities Act of 1933.
Historical Context of ETF Approvals
Cboe's filing noted that the SEC has previously granted approvals for spot Bitcoin and Ether ETFs. In those approvals, the SEC found that the Chicago Mercantile Exchange (CME) futures markets were not 'significant in size' but provided 'other adequate means' to prevent fraud and manipulation.
Invesco Galaxy's application to create a Solana-based ETF represents a significant step in crypto investments and continues to develop the market.
