Invesco and blockchain leader Galaxy Digital have submitted a joint filing with the Chicago Board Options Exchange (Cboe) to launch a first-of-its-kind Solana (SOL) exchange-traded fund (ETF).
The fund aims to bring regulated exposure to Solana’s native token directly to traditional U.S. investors, potentially opening the floodgates to the next wave of digital asset adoption on Wall Street.
Unlike most crypto ETFs, which are based on futures or indirect pricing, this fund holds SOL tokens physically. Beyond merely tracking the spot price, it will actively stake a portion of its holdings, generating on-chain rewards allocated as income for investors.
This feature not only mirrors the unique yield-earning potential of Solana’s proof-of-stake network but also allows the ETF to address investor demand for both capital appreciation and ongoing rewards.
Price tracking aims for transparency and accuracy through the Lukka Prime Solana Reference Rate, aggregating price data every 15 seconds from major global exchanges including Coinbase, Binance, Kraken, and OKX. Share creation and redemption are in both USD and underlying tokens, offering flexibility that caters to institutions and retail investors alike.
Invesco Galaxy joins a crowded field, with at least eight other asset managers, including names like Bitwise, Fidelity, VanEck, and Grayscale, having filed or signaled intent to launch similar Solana products. Industry experts now anticipate a “crypto ETF summer,” with Solana widely tipped as the next digital asset to enter the ETF mainstream, possibly as soon as this autumn.
Why Invesco Chose Solana
Solana stands out to both investors and developers for its unparalleled speed, low transaction costs, and growing ecosystem of decentralized apps. The network’s ability to process tens of thousands of transactions per second makes it a robust platform for DeFi, NFTs, and real-world asset tokenization.
Adding staking to an ETF enables U.S. investors to finally access the same yield opportunities as on-chain participants, without the technical hurdles or custody risk of managing tokens themselves.
If approved, this ETF would grant U.S. investors secure, regulated, and familiar access to Solana’s price and staking rewards, all through their traditional brokerage accounts. Assets would be managed with the utmost security, leveraging trusted custodians: Bank of New York Mellon for cash and Coinbase Custody for the SOL itself.
READ MORE: Ethena Price Surges as Analysts Eye $0.75–$1.30 Upside
