Invesco Galaxy Files For Solana ETF With US SEC
Highlights
- Invesco Galaxy Solana ETF (QSOL) targets Solana's spot price, marking a major step in Solana-focused ETFs.
- Bloomberg estimates a 95% chance of SEC approval for Invesco's Solana ETF by 2025, reflecting growing optimism.
- Solana ETF market heats up with firms like Grayscale and VanEck pushing for SEC-approved products, adding staking rewards.
Invesco Galaxy has filed an S-1 form with the U.S. Securities and Exchange Commission (SEC) to launch a new exchange-traded fund (ETF) focused on Solana (SOL). The proposed ETF, named Invesco Galaxy Solana ETF, will trade under the ticker QSOL on the Cboe BZX Exchange.
The ETF aims to track the spot price performance of Solana using the Lukka Prime Solana Reference Rate as its benchmark.
Invesco Galaxy S1 Filing for Solana ETFs
Invesco’s filing for the Galaxy SOL ETF marks a significant development in the growing trend of firms seeking SEC approval for Solana-focused ETFs. The firm, in partnership with Galaxy Digital, joins a list of other financial institutions, including Grayscale, VanEck, and Fidelity, which have filed for similar ETFs targeting Solana.
The proposed ETF aims to offer investors exposure to the price of Solana without directly purchasing and holding the cryptocurrency. Instead, the fund plans to use the Lukka Prime Solana Reference Rate, a pricing mechanism that tracks the spot price of Solana in the market.
According to market analysts, the approval of such ETFs is becoming increasingly likely. Bloomberg’s ETF tracker estimates that there is a 95% chance the SEC will approve the product by the end of 2025. This surge in optimism stems from the SEC’s growing openness to approving similar products, including the recent approval of Ethereum spot ETFs, which include staking rewards.
SOL ETF’s To Include Staking Rewards?
Solana ETF landscape is increasingly getting crowded with the rising number of firms intending to deliver similar products. Other firms, including Grayscale, VanEck, Bitwise, and 21Shares, registered their Solana spot ETFs. These firms have been on high alert about the regulatory climate around crypto ETFs, with the expectation that the SEC decides to deliver a favorable verdict.
In mid-June, a number of firms, including VanEck, 21Shares and Bitwise, amended their S-1 documents to include staking language, which was mandated by the SEC after approving Ethereum spot ETFs that distribute staking rewards. Such action indicates that these companies are trying to align their proposals with SEC regulatory expectations.
VanEck, an example, has submitted the VanEck SOL ETF (ticker: VSOL) which was listed by the Depository Trust & Clearing Corporation (DTCC). Although the fund remains in a dormant state awaiting approval by the SEC, the listing in DTCC has brought hope that it will soon clear the ETF.
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