Ninth Solana ETF filing lands as Invesco and Galaxy submit S-1

Invesco and Galaxy have become the ninth issuer to file for a spot Solana ETF with the U.S. Securities and Exchange Commission.

According to a June 26 filing, Invesco and Galaxy’s proposed fund will offer direct exposure to Solana (SOL), the sixth-largest cryptocurrency by market capitalization. Following the precedent set by Bitcoin and Ethereum ETFs, the proposed Solana fund would hold the asset directly under a commodity trust structure.

The fund would trade under the ticker symbol “QSOL” on the Cboe BZX Exchange, with Coinbase Custody set to act as custodian for the underlying Solana assets. The ETF may also stake a portion of its SOL holdings to earn additional token rewards, which would be treated as income to the trust.

Wednesday’s submission is a Form S-1 registration statement, which informs the commission of the intent to launch a new security. However, before the ETF can be listed, Invesco and Galaxy must also file a Form 19b-4, which proposes a rule change and initiates the formal review process.

The SEC will then determine whether the product meets regulatory standards under the Securities Exchange Act.

Invesco and Galaxy registered the “Invesco Galaxy Solana Trust” in Delaware earlier this month, kickstarting its regulatory process. Other applicants that have filed for Solana ETFs, including VanEck, Bitwise, Grayscale, and Fidelity, are already awaiting SEC review as momentum builds around altcoin ETFs.

So far, the SEC has delayed decisions on several Solana ETF applications and has since requested updates from issuers, but has not ruled out eventual approval. The final decision deadline on many of these filings falls in October.

However, Bloomberg analysts James Seyffart and Eric Balchunas have speculated the SEC may act on Solana ETF applications as early as July, with a 90% likelihood of approval.

As of now, altcoin ETFs remain unapproved in the United States, with current spot approvals limited to Bitcoin and Ethereum. However, the existence of CME-listed Solana futures and growing institutional interest in the asset have strengthened the case for a spot product.