Invesco and Galaxy Digital Take Bold Step Toward Solana ETF in the US

Hold onto your hats, crypto fans! Invesco and Galaxy Digital just dropped a bombshell in Delaware, registering a trust for a proposed Solana exchange-traded fund. This move is setting the stage for what could be the first spot Solana ETF in the United States. Talk about shaking things up!

The trust, dubbed "Invesco Galaxy Solana Trust," isn't a done deal yet—no guarantees on listing or approval—but it's a green light for these firms to dive into the regulatory paperwork. It's like the starting gun has fired, and they're off to the races!

This setup is no stranger to the crypto scene; it's the same playbook that VanEck, 21Shares, Bitwise, and others have been running with lately. Everyone's trying to stretch the crypto ETF game beyond just Bitcoin and Ethereum. It's like a wild west out there, and everyone wants a piece of the action!

Delaware statutory trusts? They're the go-to for commodity and digital asset funds. This registration is just the opening act, paving the way for an S-1 filing with the Securities and Exchange Commission and a 19b-4 submission through a national exchange. It's all about setting the stage for the main event!

Solana, or SOL, isn't messing around—it's the fifth-largest cryptocurrency out there. A spot ETF? That's like giving investors a VIP pass to the token without the hassle of managing private wallets. Right now, U.S. regulations are playing hard to get, only approving spot ETFs for Bitcoin and Ethereum. But hey, times are changing!

Other Crypto ETFs

Galaxy and Invesco? They're no strangers to the ETF game, already running a spot Bitcoin ETF called BTCO. Now, they're eyeing Solana, jumping on the altcoin train with full steam ahead. Analysts are buzzing, expecting formal Solana ETF filings to kick off a whole new round of SEC reviews later this year. It's like a rollercoaster, and we're all strapped in!

The SEC? They're playing it cool, not dropping any hints on whether they'll greenlight these new products. They've been tough on crypto ETFs before, all because of worries about market surveillance and custody. But with spot Bitcoin and Ethereum ETFs getting the nod recently, it's like the floodgates might just burst open.

So, what's next for Invesco and Galaxy? They'll be submitting that ETF application to the SEC and holding their breath through the standard 240-day review period. It's like waiting for the biggest plot twist in a blockbuster movie. Stay tuned, folks—this is just getting started!