Asset management giants Invesco and Galaxy have entered the growing competition to launch a spot Solana exchange-traded fund (ETF), submitting a formal application to the U.S. Securities and Exchange Commission (SEC) on Wednesday, June 25.
The filing marks the ninth Solana ETF proposal submitted to the SEC, signaling escalating institutional interest in altcoin-based investment products. Invesco and Galaxy’s proposed ETF — named the Invesco Galaxy Solana Trust — would provide direct exposure to Solana (SOL), the sixth-largest cryptocurrency by market capitalization.
According to the S-1 registration statement filed June 26, the fund would trade under the ticker symbol QSOL on the Cboe BZX Exchange. Coinbase Custody has been tapped to safeguard the underlying digital assets, and the ETF may stake a portion of its SOL holdings to generate token-based rewards. These staking yields would be classified as income for the trust.
The fund is structured as a commodity trust, mirroring the model used for recently approved Bitcoin and Ethereum spot ETFs. However, Wednesday’s filing is only the initial step. For the ETF to move forward, Invesco and Galaxy must also submit Form 19b-4, which requests a formal rule change and initiates the SEC’s public review process.
While the SEC has not yet approved any altcoin ETFs, it has not dismissed the possibility. Several issuers, including VanEck, Bitwise, Grayscale, and Fidelity, have already filed their own Solana ETF proposals and are awaiting regulatory feedback. The SEC has so far delayed decisions on these applications, requesting additional information from the firms.
Despite the current uncertainty, optimism is on the rise. Bloomberg ETF analysts James Seyffart and Eric Balchunas have predicted that the SEC could greenlight the first Solana ETF as early as July, assigning a 90% probability of approval based on current regulatory signals and market conditions.
Notably, the U.S. SEC has raised compliance concerns about proposed ETFs based on Ethereum (ETH) and Solana (SOL). Final decisions on these applications are expected by October, which could be crucial for Solana’s potential SEC approval for spot ETFs alongside Bitcoin and Ethereum.
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