In recent filings Invesco and Galaxy Digital are pushing to put out the “Invesco Galaxy Solana ETF” which will list on the Cboe BZX Exchange under ticker “QSOL”. The report noted that Invesco will be the sponsor of the ETF and Galaxy will be in charge of the SOL token acquisition. Also reported is that Coinbase Custody will be the asset protector and BNY Mellon will be providing admin services.
This step into the competitive space for the Solana ETF, as they become the 9th issuer to do so. Giants in the field such as VanEck, Bitwise, Grayscale, and Fidelity are also in the race.
The Competitive ETF Space
In the wake of Invesco and Galaxy’s foray in, the SEC is under more pressure which has put forth that applicants update their files by mid June 2025. The range of 30 days’ time frame for regulatory response which may in turn lead to approval by July. Also per Bloomberg ETF analyst James Seyffart which puts the chance of approval this year at 90%. Their moves are observed closely by both insiders and outsiders who are keen on seeing the impact of Invesco and Galaxy in ETF space.
At present there is high confidence in the prediction markets on Polymarket with 91% chance of approval by year end and 68% by July 31. Should it be approved this would be the first major altcoin ETF to hit the market since Bitcoin and Ethereum.
Invesco And Galaxy Target Institutional Demand
Solana’s appeal is in its speed and low fees. At present the sixth largest crypto coin it has 2.4% of the crypto market. Also it is growing in institutional popularity. Open interest in the case of Solana futures has gone up to $146 million which is a clear sign of large demand.
Coinbase Custody is a key player. They offer SOL custody with staking and since 2017 have had no major issues. Invesco and Galaxy are contributing by collaborating with reputable entities like BNY Mellon’s ETF division, providing traditional credibility which they do with over $200 billion in ETF assets.
Market Reactions And Broader Implications
Traders are optimistic. Some see Solana at $200 if ETFs are approved. Also it is said the present price does not factor in the issue of ETF approval.
In Canada this April Solana ETFs went live which puts more pressure on the SEC. Also at home in the U.S. the new admin which is crypto friendly is to speed up approval processes. The Trump-supported SEC chair is a positive signal.
Galaxy also brings to the table credibility. Their partnership with Invesco adds value in Bitcoin and Ethereum ETFs which they handle very well. Whether dealing with Solana, Bitcoin, or Ethereum, Invesco and Galaxy are setting new standards for regulated crypto access.
