Invesco and Galaxy File for Spot Solana ETF
Invesco and Galaxy have joined the race to launch a spot Solana ETF. They are now the ninth entity to file with the U.S. Securities and Exchange Commission (SEC). This move aims to provide investors with direct exposure to Solana (SOL), the sixth-largest crypto by market cap.
The proposed ETF, named “QSOL,” will trade on the Cboe BZX Exchange. Coinbase custody will manage the Solana assets. The fund follows the success of Bitcoin and Ethereum ETFs,using a similar commodity trust structure. This setup allows investors to own Solana directly.
Key features include the potential to stake SOL holdings, generating extra income. This adds value for investors. The filing, made on June 26, outlines thes plans. The ETF will be listed under the ticker “QSOL.”
Before launch,Invesco and Galaxy must file a Form 19b-4. This step starts the SEC’s review process. The SEC will decide if the product meets regulatory standards. if approved, it could boost solana’s visibility. it may also attract more institutional interest in the altcoin.
other firms like VanEck, Bitwise, Grayscale, and Fidelity are also in line for SEC approval. The SEC has delayed decisions on previous Solana ETF applications. They’ve asked for updates from applicants. But analysts predict a positive outcome. bloomberg experts james Seyffart and Eric Balchunas see a 90% chance of approval by July. They believe the growing interest in altcoins could speed up the approval. The CME-listed Solana futures and rising institutional interest support the case for approval. However, the SEC has yet to approve any altcoin ETFs. Bitcoin and Ethereum ETFs set a positive precedent. The SEC’s final decision is due in October. Yet, some believe the SEC might act sooner. The ETF could launch as early as July. If approved,it would mark a significant step for altcoins. Currently, only Bitcoin and Ethereum have spot ETFs in the U.S. market.
Approval could signal a broader acceptance of altcoins. It could open new investment avenues. The ETF could launch on the Cboe BZX Exchange. The ETF’s success hinges on the SEC’s stance on altcoins. The SEC has been cautious with altcoins. Yet, the climate is changing. The Solana’s futures market and growing demand may help. The ETF could list on major exchanges. This could drive Solana’s adoption. It would also diversify crypto investment options.
Staking SOL within the ETF is a unique feature. Staking rewards would be treated as income for the trust. This could be a game changer for Solana.
