MEXCInvesco & Galaxy Digital Register Solana ETF In Delaware
Highlights
- Invesco is expected to file an S-1 with the SEC following the incorporation in Delaware.
- The asset manager will collaborate with Galaxy Digital to issue this fund.
- This comes as the SEC could soon approve the Solana ETFs.
Invesco is set to become the latest fund manager to jump on the Solana ETF wave. The company has incorporated a SOL ETF in Delaware in collaboration with Galaxy Digital, with an S-1 and Form 19b-4 filing with the SEC likely to follow.
Invesco Incorporates Solana ETF In Delaware
Data from the Delaware Division of Corporations shows the registration of the ‘Invesco Galaxy Solana ETF’ entity. This indicates that asset manager Invesco intends to offer a fund that will provide investors with exposure to SOL.
This move usually precedes an S-1 and 19b-4 filing with the US Securities and Exchange Commission (SEC). The firm is likely to file the S-1 soon, while an exchange files to list and trade shares of this Solana ETF. If so, Invesco will become the seventh asset manager to file to offer this fund.
Invesco will offer this fund in collaboration with Galaxy Digital. The two have also partnered to offer the Invesco Galaxy Bitcoin and Ethereum spot ETFs. This development comes just as CoinGape reported that the SEC could soon approve the SOL ETFs.
The Commission has asked some issuers to amend their S-1 forms, with an approval likely to come in the next few weeks. There is the possibility that the SEC could approve all these funds at the same time, just like it did with the Bitcoin and Ethereum spot ETFs.
Crypto ETF issuers 21Shares, Van Eck, and Canary Capital recently urged the SEC to return to the ‘first-to-file’ principle to maintain a vibrant and competitive financial marketplace. However, the SEC has yet to reply to this request. Interestingly, these asset managers were among the first to file for a Solana ETF.
The final deadline for a SEC decision on the SOL ETFs is October 10. If the SEC reinstates a first-to-file principle, then Grayscale, Van Eck, Canary Capital, and 21Shares’ ETFs could launch first in that order.
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