Invesco and Galaxy enter race for Solana ETF with new SEC filing

The Block

2025-06-26 05:01:07

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Investment management company Inveasco Ltd and crypto-focused firm Galaxy Digital LP have joined the race for a Solana exchange-traded fund.

Subsidiaries of the two companies filed a registration statement on Wednesday with the U.S. Securities and Exchange Commission for an "Invesco Galaxy Solana ETF." The fund, if approved, would trade on Cboe BZX under the ticker symbol "QSOL," according to the statement.

Invesco Capital Management LLC would be the sponsor, and and administrator would be the Bank of New York Mellon. Galaxy would be tasked with acquiring the tokens. The statement also noted that Coinbase Custody Trust Company, LLC would be the custodian of the SOL.

Several firms are vying for a Solana ETF, including VanEck, Bitwise, and 21Shares. Many of those proposals, alongside funds also tracking DOGE and XRP, were filed over the past year following an expectation that the agency under the Trump administration would be more permissive. During the Biden administration, following a pivotal court ruling, the SEC approved the listing and trading of spot Bitcoin ETFs and, subsequently, spot Ethereum ETFs.

The SEC requested earlier this month that spot Solana ETF issuers update their S-1 filings, suggesting approvals could be on the way sooner than later, The Block previously reported.

Also on Wednesday, exchange Cboe BZX filed a Form 19b-4 for the Canary PENGU ETF. Canary Capital first filed for the first of its kind fund in March with the SEC. The fund will hold the NFT along with other cryptocurrencies, the firm said. The Ethereum-based NFT project Pudgy Penguins launched the PENGU token in December.

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