- Cboe BZX has filed to list a Solana ETF that will offer direct exposure to SOL with staking rewards included.
- The proposed Invesco Galaxy Solana ETF will hold actual SOL tokens and stake them to generate income for investors.
- A separate filing for the Canary Staked INJ ETF will provide access to INJ tokens with staking and trusted price tracking.
Cboe BZX Exchange has filed a request with the U.S. Securities and Exchange Commission to list the Invesco Galaxy Solana ETF. The fund would hold actual Solana (SOL) tokens and allow a portion to be staked. This approach would provide investors direct access to SOL and allow the fund to earn staking rewards. The ETF is structured as a commodity-based trust under BZX Rule 14.11.
This move follows the launch of the REX–Osprey Sol + Staking ETF, the first U.S. Solana staking ETF. The Invesco Galaxy Solana ETF would become one of the earliest SOL spot ETFs in the country. It uses the Lukka Prime Solana Reference Rate which is updated every 15 seconds from exchanges such as Coinbase, Binance, Kraken, and OKX.
Fund Structure Mirrors Previous Crypto ETF Models
The proposed fund will not register under the Investment Company Act of 1940. It is also not classified as a commodity pool. Instead, it will operate as a grantor trust, a model used in earlier Bitcoin and Ethereum spot ETFs. Fidelity will handle administration and distribution. Invesco Capital Management will act as the sponsor.
Staking rewards earned by the fund will be treated as income. Creations and redemptions can occur through both cash and in-kind transactions. The SOL tokens will be stored in secure, cold wallets managed by a third-party custodian. This storage method reduces the risk of loss from hacks or fraud.
Cboe Emphasizes Market Stability and Security
Cboe BZX states that Solana’s trading environment supports a fair valuation. SOL is traded globally around the clock with average daily volumes over $2 billion. The exchange argues this liquidity limits price manipulation and supports transparency. Arbitrage activity and decentralized trading reduce fraud risks further.
Solana futures began trading on CME in March 2025. However, those contracts have yet to reach a size considered significant under SEC guidelines. Despite this, Cboe believes the ETF framework aligns with logic used in previous crypto ETF approvals.
Parallel Filing Targets Injective Token Exposure
Alongside the Solana filing, Cboe BZX also proposed the Canary Staked INJ ETF. This fund would offer direct exposure to the Injective (INJ) token. Canary Capital Group will sponsor the INJ trust. Like the Solana ETF, this fund includes a staking component. It uses the CoinDesk INJ USD CCIX 60 min NY Rate to track the token’s price.
The INJ ETF joins a growing list of staking-enabled funds awaiting SEC review. Cboe points to the increasing market size of Injective, which surpassed $1.4 billion in July 2025.
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