9 asset managers are actually seeking to launch an exchange-traded fund (ETF) monitoring Solana, with Invesco the most recent to affix the bidding because the agency seems to push merchandise past Bitcoin and Ethereum.
In a regulatory submitting on Wednesday, Invesco and Galaxy Digital put ahead the Invesco Galaxy Solana ETF, which goals to trace the spot worth of Solana (SOL), at the moment the sixth-largest cryptocurrency by market cap.
It’s the ninth submitting for a Solana-tracking ETF, becoming a member of bids from the likes of VanEck, Bitwise and crypto ETF large Grayscale.
The companies need to check the market’s urge for food for so-called altcoins after the massive success of Bitcoin (BTC) ETFs launched in early 2024 and milder wins for funds tied to Ether (ETH) that launched later that 12 months.
The Trump administration has promised to ease rules on crypto, setting off a wave of optimism by the sector that has seen Bitcoin hit new highs and triggered a slate of public firms to collectively elevate billions to put money into Bitcoin long-term.
Invesco Galaxy fund to instantly maintain Solana
Invesco and Galaxy’s submitting, a Type S-1 registration assertion that tells the Securities and Change Fee it plans to launch a safety, lays out that the deliberate ETF plans to instantly maintain Solana — the identical as different competing ETFs.
If accepted by the regulator, the ETF would commerce on the Cboe BZX change below the ticker “QSOL.”
The companies might want to submit what’s known as a Type 19b-4, which data a rule change with the SEC, for the company to start the method of contemplating approving the ETF.
This can be a creating story, and additional info shall be added because it turns into obtainable.
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