Invesco Ltd and Galaxy Digital LP have filed a proposal with the US Securities and Exchange Commission (SEC) for a Solana exchange-traded fund (ETF).

If approved, the fund will be listed on the Cboe BZX Exchange under the ticker symbol “QSOL.”

Invesco Capital Management LLC will serve as the fund’s sponsor, with the Bank of New York Mellon as the administrator.

Galaxy Digital will acquire the Solana (SOL) tokens, and Coinbase Custody Trust Company, LLC will act as the custodian.

This filing adds Invesco and Galaxy Digital to other firms seeking SEC approval for Solana ETFs, including VanEck, Bitwise, and 21Shares.

The SEC has recently requested updates on spot Solana ETF filings, suggesting potential approvals may be forthcoming.

🔗 Source: The Block

🧠 Food for thought

1️⃣ Crypto ETF approvals show accelerating regulatory acceptance

The Solana ETF filing by Invesco and Galaxy follows a pattern of increasingly rapid crypto ETF approvals, demonstrating faster institutional adoption than previous assets.

The SEC rejected nine Bitcoin ETF applications in 2018, citing concerns over market manipulation and lack of significant regulated markets 1.

Yet by January 2024, Bitcoin ETFs were approved, followed by Ethereum ETFs, and now Solana ETFs have an estimated 90% likelihood of approval—potentially by July 31, 2025 2.

This acceleration suggests regulatory confidence in crypto market maturity is growing, with the timeframe between approvals shrinking from years to months.

2️⃣ Staking provisions signal evolution in ETF structures

The potential inclusion of staking in Solana ETFs represents a significant innovation in regulated crypto investment vehicles.

Solana’s proof-of-stake consensus mechanism offers yields over 5%, and ETF issuers are incorporating these capabilities into their filings 2.

Recent Invesco developments