Breaking: Invesco Galaxy Amends Solana ETF to Disclose Fees, Other Key Details

Invesco Galaxy has updated its Solana ETF application with the U.S. Securities and Exchange Commission (SEC). The issuer disclosed fees, initial seed, and various other key details ahead of listing and trading on the Cboe BZX Exchange.

Invesco Galaxy Solana ETF will join the likes of Bitwise’s BSOL and Grayscale’s GSOL after going auto-effective, pending S-8 and CERF filings. Despite the prolonged government shutdown, the firm still seeks regulatory approval from the SEC.

Invesco Galaxy Files Amended Solana ETF

According to a US SEC filing, Invesco Galaxy Solana ETF submitted a pre-effective S-1 form to announce a 0.25% fee for its Solana ETF. The issuer has not waived its sponsor fee, but mentions plans to waive all or a portion of the fee from time to time at its sole discretion.

Invesco Galaxy’s exchange-traded fund will trade on Cboe BZX exchange under the ticker symbol QSOL. Moreover, Seed capital investor Invesco Ltd purchased 4,000 shares in exchange for $100,000, comprising the initial purchase of the trust’s shares.

It also mentioned a complete section about a report on the Solana ETF by an independent registered public accounting firm, PricewaterhouseCoopers LLP.

Bitwise and Grayscale Solana ETFs started trading last week, with automatic approval with 8-A and CERT filings. Both have recorded $199 million in inflows, with Invesco Galaxy Solana ETF (QSOL) expected to join later this month.

SOL Price Tumbles 6%

SOL price fell more than 6% in the past 24 hours, with the price currently trading at $175.42. The 24-hour low and high are $174.75 and $188.74, respectively. Trading volume saw a 103% increase in the last 24 hours, indicating interest among traders.

Analyst Ali Martinez claims Solana needs to reclaim $200 to confirm bullish momentum. This would only help with rebound to $260. SOL price dipped despite ETF launches, with Invesco Galaxy Solana ETF among others next in line for approval.

Meanwhile, CoinGlass data showed buying in the derivatives market in the last few hours. At the time of writing, the total SOL futures open interest jumped 0.60% to $10.23 billion in the last 4 hours. SOL futures OI on CME tumbled more than 6% and climbed over 2.50% on Binance, indicating selling in the United States.