SEC Filing Signals Serious Intent

On June 25, subsidiaries of global asset manager Invesco and crypto-native firm Galaxy filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for the “Invesco Galaxy Solana ETF.”

If approved, the fund would trade on the Cboe BZX exchange under the ticker QSOL. Invesco Capital Management LLC is listed as the sponsor, with administrative duties assigned to the Bank of New York Mellon. Galaxy will manage token acquisition, and Coinbase Custody Trust Company will serve as the custodian for Solana.

Fierce Competition Around Solana ETFs

Other firms including VanEck, Bitwise, and 21Shares have also filed applications for Solana ETFs over the past year. The broader momentum follows the SEC’s approval of spot Bitcoin and Ethereum ETFs, after a pivotal court ruling during the Biden administration reshaped regulatory dynamics.

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Recently, the SEC requested issuers to update their S-1 filings for Solana ETF proposals—an indication that approvals may be on the horizon.

NFT Exposure in New ETF Formats

Also on June 25, Cboe BZX filed a Form 19b-4 for the Canary PENGU ETF. First proposed in March, the fund would include the Ethereum-based NFT project Pudgy Penguins’ PENGU token, along with other crypto assets.

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The post Invesco and Galaxy Join Growing Race for Solana ETF Approval appeared first on Coin Engineer.