Invesco and Galaxy Digital have registered a Solana ETF in Delaware, indicating a potential for SEC approval.
Registration of Solana ETF in Delaware
Asset manager Invesco, in partnership with Galaxy Digital, has officially registered the Solana ETF Trust in Delaware. The registry, completed on June 13, positions Invesco Galaxy among other issuers like Grayscale and Fidelity.
Probability of SEC Approval
The odds of the Solana ETF being approved by the SEC have risen to 90% after the regulator requested updates to the S-1 form from issuers. This request includes clarification on redemption processes and staking approaches.
Impact on Solana Price
As of writing, Solana's price has fallen nearly 10%, trading at $145.62. Trading volume surged by 62% in the last 24 hours. Speculation within the crypto community was sparked by the movement of Solana tokens worth over $500 million between wallets following the ETF registration announcement.
The registration of the Solana ETF by Invesco and Galaxy Digital may be a significant step towards SEC approval and could positively impact Solana's price.
