Nine asset management companies are currently seeking to launch exchange-traded funds (ETFs) that track Solana. Invesco has become the latest company to join the bidding, aiming to introduce products that go beyond Bitcoin (BTC) and Ethereum (ETH).
In regulatory filings on Wednesday (June 25), Invesco, in partnership with Galaxy Digital, submitted an application for the Invesco Galaxy Solana ETF, which aims to track the spot price of Solana (SOL). Solana is currently ranked as the sixth-largest cryptocurrency by market capitalization.
This is the ninth application to track Solana, competing alongside applications from companies such as VanEck, Bitwise, and cryptocurrency ETF giant Grayscale.
These companies hope to test market interest in so-called "altcoins" following the significant success of Bitcoin (BTC) ETFs in early 2024 and moderate gains from Ethereum (ETH)-related funds later that year.
The Trump administration's commitment to easing regulations on cryptocurrencies has sparked a wave of optimism in the industry, driving Bitcoin to new highs and prompting several publicly traded companies to collectively raise billions of dollars for long-term investments in Bitcoin.
Invesco and Galaxy's filing is an S-1 registration statement, indicating to the U.S. Securities and Exchange Commission (SEC) their plans to launch a security, clarifying that the ETF in question will directly hold Solana—similar to other competing ETFs.
If approved by regulators, the ETF will be listed on the Cboe BZX exchange under the ticker symbol "QSOL."
These companies also need to submit a so-called 19b-4 form, which documents changes to SEC rules, so that the agency can begin considering the approval process for the ETF.
Related: Solana futures surge to new highs | BIS questions the monetary attributes of stablecoins
Original: “Invesco Galaxy files for Solana ETF, nine issuers join the competition”
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