14.06.2025 07:12

Invesco and Galaxy Digital, two prominent financial institutions, have taken a significant step towards launching a Solana exchange-traded fund (ETF). Their recent registration of a new trust in Delaware serves as a crucial precursor to the formal S-1 filing with the Securities and Exchange Commission (SEC). This seemingly administrative action carries substantial weight, indicating a potential imminent arrival of a Solana spot ETF on the market for astute crypto investors.


The establishment of the Invesco Galaxy Solana ETF as a Delaware Statutory Trust closely mirrors the procedural steps taken by previous Bitcoin ETF applications. This registration effectively grants access to the SEC review process, typically followed by the submission of the comprehensive S-1 form. Invesco, a global investment firm managing assets exceeding $1.8 trillion, partnering with Galaxy Digital signifies a considerable commitment to the Solana ecosystem and the potential of a Solana ETF.


However, Invesco and Galaxy Digital aren't alone in their pursuit. Competition is fierce, with Fidelity already securing SEC approval to begin reviewing its own Solana ETF proposal. Furthermore, Bitwise, 21Shares, and Canary Marinade are also vying for approval, intensifying the race to bring the first Solana ETF to market.


The SEC's recent directive adds a layer of complexity to this process. On June 10th, the commission mandated that all applicants amend their S-1 forms within a week, specifically focusing on the in-kind redemption mechanism and the crucial integration of staking within the ETF structure. This demand from regulators signals a willingness to consider the inclusion of staking—a previously debated and potentially groundbreaking aspect of ETF design—demonstrating a potentially evolving regulatory stance. Although final approval remains elusive, this proactive engagement from regulatory bodies marks a considerable leap forward for Solana ETF development.