The U.S. Securities and Exchange Commission (SEC) has officially recognized the application for the Invesco Galaxy Spot Solana ETF, initiating the review process.
ETF Application and Review Process
The fund, a collaboration between Invesco and Galaxy Digital, is intended to track the spot price of Solana and would be listed on the Cboe BZX Exchange if approved.
This acknowledgment follows Cboe BZX's submission of Form 19b-4, a necessary step for proposing a rule change to list the product. This acceptance indicates that the SEC has begun evaluating the application, a process that could culminate in an approval decision anticipated by many in the market in the coming months.
Solana ETF Market and Investor Expectations
This year has seen a surge in the number of Solana ETF filings. In May, REX Shares filed for a spot Solana ETF, which was marked "immediately effective," raising hopes for a near-term launch. Invesco's proposal now sits alongside pending applications from VanEck, 21Shares, Bitwise, Grayscale, Canary Capital, Franklin Templeton, and Fidelity.
Approval Prospects and Impact on Solana Price
Analysts argue that the odds of approval are increasing, given the existence of CME-listed Solana futures and a political climate more favorable to cryptocurrency under SEC Chair Paul Atkins. Some estimate that the SEC could provide the green light by October, with U.S. President Donald Trump's public support for digital assets contributing to the positive momentum.
The filing comes amidst the recent price surge of Solana. On Thursday, the cryptocurrency was trading at $206.46, up 5.27% in the past 24 hours, with a market capitalization of $111.42 billion. Trading volume over the same period rose 8.39% to $12.46 billion. Investors and industry watchers view the SEC’s decision on this application as a potential milestone for integrating Solana into mainstream investment products.
The approval of the Invesco Galaxy Spot Solana ETF application could represent a significant event for the cryptocurrency market, potentially enhancing Solana's integration into traditional investment structures.
