Invesco and Galaxy Digital have registered a trust in Delaware for a proposed Solana exchange-traded fund, marking one of the introductory steps toward launching a spot Solana exchange-traded fund in the United States.
The registration, listed as “Invesco Galaxy Solana Trust,” does not guarantee a listing or approval but allows the firms to move forward with regulatory filings.
The structure mirrors similar trusts filed by VanEck, 21Shares, Bitwise, and others in recent months, as asset managers seek to expand crypto exchange-traded fund offerings beyond Bitcoin and Ethereum.
Delaware statutory trusts are commonly used for commodity and digital asset funds. The registration sets the stage for an eventual S-1 filing with the Securities and Exchange Commission and a 19b-4 submission through a national exchange.
Solana (SOL) is the fifth-largest cryptocurrency by market value. A spot ETF would give investors direct exposure to the token without managing private wallets. Current U.S. regulations do not permit spot ETFs for cryptocurrencies other than Bitcoin (BTC) and Ethereum (ETH), which have already been approved.
Other crypto ETFs
Galaxy and Invesco already manage a spot Bitcoin ETF under the name BTCO. Their decision to pursue a Solana product aligns with growing interest in altcoin-based investment vehicles. Analysts expect formal Solana ETF filings to trigger a new round of SEC reviews later this year.
The SEC has not indicated whether it will approve such products. The agency has historically denied crypto ETFs due to concerns about market surveillance and custody. However, the recent approval of spot Bitcoin and Ethereum ETFs has encouraged other issuers to follow suit.
The next step for Invesco and Galaxy would be to submit the ETF application to the SEC and await a response within the standard 240-day review period.
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