Invesco & Galaxy files for Solana physical ETF, joining race to become ninth US SOL ETF

The total number of issuers that have applied for the Solana exchange-traded fund (ETF) in the United States has increased to nine.
On the 25th (local time), asset management companies Invesco and Galaxy
Solana Digital and Galaxy Digital have jointly filed initial documentation with the U.S. Securities and Exchange Commission (SEC) for the launch of the Solana physical ETF.
The filing is for the Invesco Galaxy Solana ETF, which will directly track the Solana price.
The ETF is for the Galaxy Solana ETF, which will be managed based on the spot price of Solana, the sixth-largest cryptocurrency by market capitalization.
It will be traded on the Cboe BZX options exchange under the ticker "QSOL."
Previously, well-known asset management companies such as VanEck, Bitwise, and Grayscale have also invested in Solana spot ETFs.
The merger of Invesco and Galaxy is expected to further intensify the competition for altcoins in the ETF market.
The move follows the success of the Bitcoin spot ETF launched in early 2024, followed by Ethereum.
The move is part of an attempt to test the market appetite for an altcoin-based ETF after the successful launch of the ETF. Invesco and Galaxy have filed Form 10799 to notify the SEC of their plans to launch the securities.
The ETF is structured to hold Solana directly, and the custodianship will be handled by Coinbase Custody, a subsidiary of Coinbase.
Custody will be in charge.