Invesco and Galaxy Digital have jointly filed with the Securities and Exchange Commission (SEC) to launch the Invesco Galaxy Solana ETF. If approved, the fund, set to trade under the ticker “QSOL” on the Cboe BZX Exchange, will directly hold Solana (SOL), the sixth-largest cryptocurrency by market capitalization, and track its spot price in real time.
The filing makes it the ninth contender in the intensifying race to bring a spot Solana ETF to the U.S. market, joining heavyweight asset managers such as VanEck, Bitwise, Grayscale, 21Shares, CoinShares, Canary Capital, Franklin Templeton, and Fidelity Investments. This surge of applications follows the SEC’s landmark approvals of spot Bitcoin and Ether ETFs, which have already attracted billions in inflows and signaled a new era of mainstream crypto adoption.
How The Solana ETF Will Work
According to the S-1 registration statement, the Invesco Galaxy Solana ETF will directly hold SOL tokens, with Galaxy Digital responsible for acquiring and managing the underlying assets. Coinbase Custody Trust Company will serve as the fund’s crypto custodian, while Bank of New York Mellon will handle fiat administration. The ETF will use the Lukka Prime Solana Reference Rate to mirror the real-time market price of SOL.
A standout feature of the QSOL ETF is its staking provision. The filing notes that the fund may “from time to time, stake a portion of the Trust’s assets through one or more trusted staking providers,” earning additional SOL tokens as rewards.
This approach could enhance yield for investors and set the ETF apart from traditional crypto funds. Staking rewards would be treated as income to the trust, a detail now echoed in several competing Solana ETF filings.
If approved, the Invesco Galaxy Solana ETF would offer U.S. investors regulated, direct access to SOL without the complexities of self-custody, potentially unlocking a new wave of institutional and retail participation. Its integrated staking mechanism could boost yields, making it even more attractive to long-term holders.
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