9 asset managers at the moment are seeking to launch an exchange-traded fund (ETF) monitoring Solana, with Invesco the newest to affix the bidding because the agency appears 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), presently 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 corporations wish to take a look at the market’s urge for food for so-called altcoins after the large 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 increase 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 Alternate 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 accredited by the regulator, the ETF would commerce on the Cboe BZX alternate below the ticker “QSOL.”
The corporations might want to submit what’s known as a Type 19b-4, which information 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 can be added because it turns into out there.
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