Invesco and Galaxy Dive Into the Solana ETF Frenzy!

Ninth Issuer Jumps on the Solana Bandwagon

Invesco and Galaxy just threw their hats into the ring, becoming the ninth crew to file for a spot Solana ETF with the U.S. Securities and Exchange Commission. Talk about heating up the crypto scene!

Direct Exposure to Solana: The New Big Thing?

Check this out: their June 26 filing spills the beans on a fund that's all about direct exposure to Solana (SOL). We're talking the sixth-largest crypto by market cap here. They're taking cues from Bitcoin and Ethereum ETFs, planning to hold the asset straight up under a commodity trust structure. Bold move!

QSOL: The Ticker That Could Shake Things Up

The fund's gonna rock the ticker symbol “QSOL” on the Cboe BZX Exchange. And guess what? Coinbase Custody’s got their back, serving as the custodian for the Solana stash. But wait, there's more—they might even stake some of their SOL to rake in extra token rewards, treating it all as sweet income for the trust.

The Regulatory Rollercoaster Begins

Wednesday's submission? A Form S-1 registration statement, letting the SEC know they're ready to roll out this new security. But hold your horses, before they can hit the market, Invesco and Galaxy need to file a Form 19b-4. That's the ticket to propose a rule change and kick off the formal review dance.

Will the SEC Give It the Green Light?

The big question is whether the SEC thinks this product stacks up under the Securities Exchange Act. Buckle up, it's gonna be a wild ride!

Delaware and the Race for Approval

Invesco and Galaxy didn't just wake up and decide to do this. They registered the “Invesco Galaxy Solana Trust” in Delaware earlier this month, setting the regulatory wheels in motion. They're not alone, though. VanEck, Bitwise, Grayscale, and Fidelity are already in the waiting room for their Solana ETFs as the altcoin ETF hype train gains steam.

SEC Playing Hard to Get?

The SEC's been playing it cool, delaying decisions on several Solana ETF applications and asking for updates. But they haven't slammed the door shut on approval just yet. Keep your eyes peeled; the final decision deadline on many of these filings is looming in October.

Bloomberg's Bold Prediction

Here's a juicy tidbit: Bloomberg analysts James Seyffart and Eric Balchunas are calling it. They reckon the SEC might make a move on Solana ETF applications as early as July, with a whopping 90% chance of a thumbs-up. Now that's what I call optimism!

The Altcoin ETF Dream

Right now, altcoin ETFs are still a no-go in the States, with Bitcoin and Ethereum being the only spot approvals in town. But with CME-listed Solana futures and the big dogs showing more interest, the case for a spot product is getting stronger by the day. Stay tuned, folks—this could be the start of something big!