Wall Avenue asset administration agency Invesco Capital Administration and crypto asset-focused firm Galaxy Digital have filed a registration assertion with the US Securities and Alternate Fee (SEC) for an exchange-traded product backed by Solana (SOL).
If accredited, the Invesco Galaxy Solana ETF, as will probably be recognized, would commerce on the Cboe BZX trade beneath the ticker image “QSOL”, aiming to trace the spot value of the sixth-largest cryptocurrency by market capitalization.
Invesco and Galaxy Digital File SEC Statements for Spot Solana ETF With Staking Assist
The Kind S-1 registration assertion made on Wednesday declares that the pair is launching a crypto-backed safety that might “replicate the efficiency of the spot value of Solana” and straight maintain the underlying asset in the identical method as different competing ETFs.
Invesco could be the fund’s sponsor, with the Financial institution of New York Mellon serving as an administrator, and Galaxy answerable for buying the SOL tokens. The submitting additionally famous that Coinbase Custody, the custody arm of crypto trade Coinbase, would act because the custodian of the ETF’s belongings.
The submitting additionally famous that Invesco and Galaxy might stake a portion of the fund’s SOL “infrequently” by means of “a number of” trusted staking suppliers. QSOL would obtain extra Solana tokens for locking up a few of its holdings, which might be handled as revenue to the Belief fund.
Earlier this month, the SEC requested that spot Solana ETF issuers replace their S-1 filings to incorporate language and provisions for staking. Constancy, 21Shares, Franklin Templeton, Grayscale Investments, Bitwise Investments, Canary Capital, and VanEck have amended their filings. QSOL is the ninth proposal for a possible Solana-based ETF.
Most of those proposals had been submitted over the previous 12 months following the expectation that, beneath the Trump administration, the securities watchdog could be extra supportive of crypto-backed funding merchandise because the President promised to assist innovation and development within the digital asset sector by means of a friendlier regulatory strategy.
The SEC was pressured into approving the itemizing and buying and selling of spot Bitcoin ETFs beneath the Biden administration final 12 months following a pivotal courtroom ruling that stated the company had rejected Grayscale’s makes an attempt to transform its Bitcoin Belief fund right into a spot ETF on unfair grounds. The regulatory physique, beneath the management of former chairman Gary Gensler, was cracking down closely on crypto companies by means of lawfare and regulatory motion. Nonetheless, Trump’s SEC, led by Paul Atkins, is exploring market alternatives for the novice asset class.
Issuers are testing the market’s urge for food for altcoin-backed funding merchandise after the super success of Bitcoin ETFs, which launched in January 2024, and milder wins for funds tied to Ether (ETH) that started buying and selling six months later.
Bloomberg Analysts 90% Sure of Solana ETFs in 2025
Bloomberg senior ETF analyst James Seyffart stated in a June 10 word that the SEC “could act early” on spot Solana ETF filings and will approve them as early as July alongside ETFs monitoring a basket of cryptocurrencies. He additionally recommended that it’s doable the funds could possibly be launched with staking assist, alongside approvals for spot Ether ETF staking.
His colleague Eric Balchunas urged markets “to be ready” for a possible altcoin ETF summer time with Solana main the best way. Bloomberg Intelligence has elevated its estimated odds of the SEC greenlighting Solana ETFs in 2025 to 90%. The regulator’s ultimate deadline to approve the devices is October 10, and chances are high that each one of them will launch concurrently to keep away from any first-mover benefit.
All 9 Solana ETF issuers, bar Canary Capital, have already launched crypto ETPs within the type of spot Bitcoin and Ether ETFs. The companies might want to submit a Kind 19b-4 proposing a rule change for the company to start the method of reviewing and approving the ETF. In the meantime, Canary hopes to record ETFs for a number of cryptocurrencies, together with Injective (INJ), Pudgy Pendguins (PENGU), Tron (TRX), Cronos (CRO), XRP, SUI, and SOL.
SEC Commissioner Hester Peirce Says In-Type Redemptions for Crypto ETFs are Underneath Consideration
Talking throughout a panel on the Bitcoin Coverage Summit 2025 on Wednesday, SEC Commissioner Hester Peirce stated that in-kind redemptions for crypto ETFs could possibly be coming quickly.
Corporations reminiscent of BlackRock, VanEck, and WisdomTree have filed Kind 19b-4 with the company to permit in-kind creations and redemptions as a substitute of money for the iShares Bitcoin Belief (BlackRock), VanEck Bitcoin Belief, VanEck Ethereum Belief, and WisdomTree Bitcoin Fund ETFs.
Issuers had been hashing out technical particulars over how the redemption course of would work for crypto ETFs method forward of the SEC’s approval of the primary batch of Bitcoin ETFs. Nonetheless, the regulator favored a money mannequin, requiring the companies to maneuver BTC or ETH out of their storage, promote it at market value, after which give the money again to the investor.
Peirce stated that these proposals are presently beneath evaluate, and contemplating the market demand, it’s “actually on the horizon”. Analysts have beforehand recommended that an in-kind redemption mannequin would permit crypto-backed ETPs to be traded extra effectively.
On the time of writing, Solana (SOL) is buying and selling at $144.59, down 0.65% within the final 24 hours
