In a significant move to expand crypto offerings on Wall Street, Invesco Galaxy has filed an application with the U.S. Securities and Exchange Commission (SEC) to list a Solana (SOL) exchange-traded fund (ETF). The proposed “Invesco Galaxy Solana ETF” would be listed on the Cboe BZX exchange under Rule 14.11(e)(4).
Fund Structure and Regulatory Approach
The ETF is designed as a Delaware-based grantor trust with no expiration date, and Invesco Capital Management LLC will serve as the sponsor. Notably, this ETF would not be regulated under the Investment Company Act of 1940 or the Commodity Exchange Act, meaning it won’t be treated as a commodity pool or an advisory entity. Instead, the trust will be registered via Form S-1 under the Securities Act of 1933.
Leveraging Precedent for Approval
Cboe’s filing for the Solana ETF references the recent SEC approvals for spot Bitcoin and Ether ETFs as a key precedent. The filing highlights that despite a lack of “significant” futures volume on CME for those assets, the SEC still found sufficient safeguards to grant approval. This suggests Invesco Galaxy is aiming to follow a similar path for Solana’s institutional debut.
This application marks a growing trend to introduce more crypto ETFs beyond just Bitcoin and Ethereum, positioning Solana as the next major cryptocurrency potentially gaining institutional exposure through regulated financial products.
July 2025, Cryptoniteuae
