Nine asset managers are now looking to launch an exchange-traded fund (ETF) tracking Solana, with Invesco the latest to join the bidding as the firm looks to push products beyond Bitcoin and Ethereum.
In a regulatory filing on Wednesday, Invesco and Galaxy Digital put forward the Invesco Galaxy Solana ETF, which aims to track the spot price of Solana (SOL), currently the sixth-largest cryptocurrency by market cap.
It’s the ninth filing for a Solana-tracking ETF, joining bids from the likes of VanEck, Bitwise and crypto ETF giant Grayscale.
The firms are looking to test the market’s appetite for so-called altcoins after the big success by Bitcoin (BTC) ETFs launched in early 2024 and milder wins for funds tied to Ether (ETH) that launched later that year.
The Trump administration has promised to ease regulations on crypto, setting off a wave of optimism through the sector that has seen Bitcoin hit new highs and triggered a slate of public companies to collectively raise billions to invest in Bitcoin long-term.
Invesco Galaxy fund to directly hold Solana
Invesco and Galaxy’s filing, a Form S-1 registration statement that tells the Securities and Exchange Commission it plans to launch a security, lays out that the planned ETF plans to directly hold Solana — the same as other competing ETFs.
If approved by the regulator, the ETF would trade on the Cboe BZX exchange under the ticker “QSOL.”
The firms will need to submit what’s called a Form 19b-4, which records a rule change with the SEC, for the agency to begin the process of considering approving the ETF.
This is a developing story, and further information will be added as it becomes available.
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