9 asset managers are actually seeking to launch an exchange-traded fund (ETF) monitoring Solana, with Invesco the newest to hitch the bidding because the agency seems to be 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 value of Solana (SOL), at present 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 big Grayscale.
The corporations wish to take a look at 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 way of the sector that has seen Bitcoin hit new highs and triggered a slate of public corporations to collectively increase billions to put money into Bitcoin long-term.
Invesco Galaxy fund to immediately maintain Solana
Invesco and Galaxy’s submitting, a Kind 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 immediately maintain Solana — the identical as different competing ETFs.
If accepted by the regulator, the ETF would commerce on the Cboe BZX trade below the ticker “QSOL.”
The corporations might want to submit what’s referred to as a Kind 19b-4, which information a rule change with the SEC, for the company to start the method of contemplating approving the ETF.
It is a growing story, and additional info shall be added because it turns into accessible.
Journal: Child boomers price $79T are lastly getting on board with Bitcoin
