- Invesco and Galaxy filed for a Solana ETF that will track the spot price and may include staking rewards.
- The ETF will trade under the QSOL ticker with Coinbase Custody holding the Solana assets for the trust.
- The SEC has not approved any altcoin ETFs yet but a decision on Solana ETFs may come as early as July.
Invesco and Galaxy Digital have submitted a fresh filing to the U.S. Securities and Exchange Commission (SEC) for a new Solana-focused exchange-traded fund (ETF). The proposed ETF, named the Invesco Galaxy Solana ETF, will trade under the ticker “QSOL” on the Cboe BZX Exchange.
ETF Seeks Direct Exposure to Solana
The fund aims to track the spot price of Solana (SOL), using the Lukka Prime Solana Reference Rate. This pricing benchmark reflects real-time market prices and allows investors indirect exposure to Solana. The ETF will hold the asset directly and function under a commodity trust structure. Coinbase Custody will serve as the custodian for the Solana holdings.
According to the June 26 filing, the ETF may stake a portion of its SOL to earn token rewards. These rewards will be treated as income to the trust. The filing is a Form S-1 registration, which signals the fund’s intent to launch. However, a Form 19b-4 is still required to begin the official review process.
SEC Review Awaits Key Submissions
Invesco and Galaxy registered the Invesco Galaxy Solana Trust in Delaware earlier this month. This registration begins the formal regulatory path for the fund. The SEC must now decide if the proposal meets the necessary rules under the Securities Exchange Act.
Approval would place QSOL among the first Solana ETFs in the United States. However, the SEC has not yet approved any altcoin ETFs. Currently, only Bitcoin and Ethereum spot ETFs have received the green light.
Filing Follows Industry Trend
Several other firms have filed for similar Solana products. VanEck, Fidelity, Bitwise, and Grayscale have all submitted applications. Many of them updated their proposals to include staking features after the SEC approved Ethereum ETFs with staking rewards.
VanEck’s Solana ETF (ticker: VSOL) has already been listed on the DTCC platform. Although pending final approval, this step suggests forward movement in the approval pipeline.
Market Analysts Expect SEC Decision Soon
Industry analysts estimate a 90% chance that the SEC will approve a Solana ETF by the end of 2025. Some predict a possible decision as early as July. These forecasts reflect increasing institutional interest in Solana and the SEC’s evolving stance on crypto-based funds.
The rise in filings underscores growing competition in the Solana ETF space. Invesco and Galaxy are now the ninth issuer to seek regulatory approval for a Solana spot ETF.
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