Nine Asset Managers Pursue Solana-Linked ETF Amid Crypto Market Optimism

Invesco Joins the Race for Solana ETF

A total of nine asset management firms are gearing up to introduce an exchange-traded fund (ETF) that will track the performance of Solana. Invesco has recently entered the competition, aiming to diversify its offerings beyond bitcoin and ethereum.

New ETF Proposal from Invesco and Galaxy Digital

In a regulatory submission made on Wednesday, Invesco, in collaboration with Galaxy Digital, announced plans for the Invesco Galaxy Solana ETF. This fund is designed to mirror the spot price of Solana (SOL), which currently ranks as the sixth-largest cryptocurrency by market capitalization.

Growing Interest in Altcoin ETFs

This latest filing marks the ninth attempt to establish a Solana-focused ETF, joining efforts from notable firms such as VanEck, Bitwise, and Grayscale, a leader in crypto ETFs. These companies are eager to gauge investor interest in alternative cryptocurrencies, especially following the successful launch of bitcoin ETFs earlier this year and the more modest performance of Ether-linked funds.

Regulatory Environment and Market Sentiment

The recent promise from the Trump administration to relax regulations surrounding cryptocurrencies has sparked a wave of optimism within the sector. This positive sentiment has contributed to bitcoin reaching new price highs and has encouraged numerous public companies to raise substantial funds for long-term bitcoin investments.

Details of the Invesco Galaxy ETF

The registration statement filed by Invesco and Galaxy outlines that their proposed ETF will directly hold Solana, similar to other competing funds. Should the SEC grant approval, the ETF is expected to be listed on the Cboe BZX exchange under the ticker symbol “QSOL.”

Next Steps for Approval

To move forward, Invesco and Galaxy will need to submit a Form 19b-4, which documents a proposed rule change to the SEC, initiating the approval process for the ETF.

This story is evolving, and updates will be provided as more information becomes available.

Magazine Feature: Baby Boomers Worth $79 Trillion Embrace bitcoin

Disclaimer: This article is provided for informational purposes only and does not constitute financial advice. Readers are encouraged to conduct their own research before making any investment decisions.