Nine Asset Managers File for Solana ETF Amid Regulatory Optimism

Crypto sector growth: Nine asset managers, including newly added Invesco and Galaxy Digital, are seeking approval to launch an exchange-traded fund (ETF) tracking the performance of SOL (Solana).

In a recent filing with the U.S. Securities and Exchange Commission (SEC), Invesco and Galaxy Digital proposed the Invesco Galaxy Solana ETF, which intends to directly replicate the spot price of Solana, one of the sixth-largest cryptocurrencies by market capitalization.

This filing represents the ninth application for a Solana-tracking ETF from financial firms, following similar proposals from companies like VanEck, Bitwise, and Grayscale.

Firms are testing market interest in so-called “altcoins” — cryptocurrencies beyond Bitcoin (BTC) and Ethereum (ETH) — following strong performance of Bitcoin ETFs launched early in 2024 and moderate inflows for stablecoin and Ethereum-related funds in subsequent months.

Recent signals from the Trump administration have boosted crypto sentiment, potentially easing regulations previously considered barriers. This optimism has contributed to Bitcoin reaching new all-time highs and generated significant fundraising for Bitcoin long-term investment by public companies.

Invesco-Galaxy ETF to Directly Hold Solana

The Invesco/Galaxy filing details that, unlike some proposed leveraged products, the ETF would hold actual Solana coins to track the cryptocurrency directly, mirroring approaches used in other competitor applications.

If the proposed fund receives SEC approval, it is expected to list on the Cboe BZX exchange using the ticker symbol “QSOL.”

Before the ETF launches, the proposed sponsor must submit a formal Form 19b-4 requesting a rule change from the SEC for review and potential approval.

In addition to regulatory filings, the cryptocurrency market faces ongoing scrutiny and evolving proposals within the U.S. and globally.