31.07.2025 07:29

Cboe BZX Exchange has submitted a proposal to list the Invesco Galaxy Solana ETF, potentially offering US investors regulated access to Solana (SOL) tokens. This move comes amidst the Securities and Exchange Commission's (SEC) ongoing delays in approving cryptocurrency staking-related exchange-traded funds (ETFs).

The proposed ETF will track the Lukka Prime Solana Reference Rate, a real-time price index updated every 15 seconds for enhanced pricing accuracy. This frequent updating aims to provide investors with a consistently current reflection of the market value of Solana. However, the decision to include staking as part of the ETF's strategy introduces additional complexities.

Experts have raised concerns regarding the inherent risks associated with Solana's staking mechanism. The concentrated nature of validators on the Solana network and the potential for manipulation are significant factors that warrant investor caution. These risks, coupled with the SEC's regulatory uncertainty surrounding crypto assets, highlight the potential volatility inherent in this investment.

The filing represents a bold step toward mainstream adoption of Solana within the regulated US financial system. However, the ultimate success of the ETF hinges on SEC approval, which remains uncertain given the regulatory landscape's current ambiguities concerning cryptocurrencies. The proposal underscores the ongoing tension between the burgeoning cryptocurrency market and established regulatory frameworks. The outcome of this application will be keenly watched by both investors and regulators alike.