Invesco Capital Management LLC has filed for an ETF fund tracking the value of the cryptocurrency Solana. This move may change the landscape of crypto investments.
Details on Solana ETF
The Invesco Galaxy Solana ETF will be listed on the Cboe BZX exchange and is reportedly set to use the Lukka Prime Solana Reference Rate as a benchmark for tracking Solana’s (SOL) prices.
Experts’ Predictions on ETFs
Bloomberg's ETF analysts Eric Balchunas and James Seyffart predict that Solana, XRP, and Litecoin ETFs have a 95% chance of approval by the end of 2025. They also note that applications for Dogecoin, Cardano, Polkadot, Hedera, and Avalanche have a 90% chance of approval by year's end.
Impact on Crypto Investments
If these altcoin ETFs are approved by the SEC, it would represent the largest expansion of crypto investment products since Bitcoin and Ethereum ETFs. Currently, the SEC has only approved these two assets. The success of Bitcoin ETFs has also paved the way for new applications, managing more than $100 billion in assets.
Invesco's filing for a Solana ETF underscores the growing interest in cryptocurrencies and could significantly impact the market in the coming years.
