- Invesco and Galaxy Digital filed for the Invesco Galaxy Solana ETF, aiming to list under the ticker QSOL on the Cboe BZX Exchange.
- Coinbase Custody will secure the fund’s SOL holdings, with Galaxy managing token acquisition and Invesco sponsoring the ETF.
- The SEC’s recent request for updated filings signals potential ETF approvals soon, as interest surges across Solana, DOGE, XRP, and even NFT-linked funds like PENGU.
The race to launch a spot Solana ETF is heating up. Invesco Ltd and Galaxy Digital LP have officially thrown their hats into the ring, filing a registration statement with the SEC for the Invesco Galaxy Solana ETF. If greenlit, this ETF would trade on the Cboe BZX Exchange under the ticker QSOL—adding another major player to the growing Solana ETF lineup.
Key Players and Fund Structure
In the filing, Invesco Capital Management LLC is listed as the sponsor of the ETF, while Bank of New York Mellon will serve as administrator. Galaxy Digital will handle acquisition of the actual SOL tokens, and Coinbase Custody Trust Company is set to safeguard the assets.
This structured partnership among seasoned traditional finance and crypto-native firms signals a maturing market approach to Solana as a legitimate asset class. The filing adds credibility to Solana’s narrative as more than just a fast blockchain—it’s now gaining institutional traction.
The Broader Solana ETF Landscape
The Invesco-Galaxy application joins a crowded field, with VanEck, Bitwise, and 21Shares all pushing for SEC approval of their own Solana-based products. The interest stems from both rising investor demand and shifting regulatory tides.
Following the Biden-era approval of spot Bitcoin and Ethereum ETFs, optimism surged that alternative Layer 1 tokens like Solana, Dogecoin, and XRP could soon see regulatory clarity and public market exposure.
In fact, the SEC recently requested S-1 updates from several Solana ETF applicants—a move widely interpreted as signaling that approvals may be closer than expected.
Parallel Momentum: Canary PENGU ETF Also Advances
In a related development, Cboe BZX filed a Form 19b-4 on the same day for Canary Capital’s PENGU ETF, which holds Solana-based meme token PENGU along with Pudgy Penguin NFTs. First filed in March, it’s one of the most unique crypto ETF proposals to date, combining meme coins, NFTs, and blockchain infrastructure assets.
Together, these filings highlight a regulatory shift that’s increasingly embracing tokenized assets—including non-traditional plays like meme coins and NFTs—under institutional frameworks.
