Invesco and Galaxy have become the ninth issue who submits a spot Solana ETF to the US Securities and Exchange Commission.
According to a June 26 submitThe proposed Fund of Invesco and Galaxy will offer direct exposure to Solana (SOL), the sixth largest cryptocurrency through market capitalization. After the precedent set by Bitcoin and Ethereum ETFs, the proposed Solana Fund would be actively directly under a raw material confidence structure.
The fund would act under the Ticker symbol “QSOL” on the CBOE BZX exchange, with Coinbase guardianship that act as a custodian for the underlying Solana assets. The ETF can also use part of its SOL Holdings to earn extra token rewards, which would be treated as income for confidence.
Wednesday’s entry is a registration declaration of Form S-1, which informs the committee about the intention of launching a new security. However, before the ETF can be stated, Invesco and Galaxy must also submit a form 19b-4, which proposes a change of rule and initiates the formal assessment process.
The SEC will then determine whether the product meets the regulatory standards under the Securities Exchange Act.
Invesco and Galaxy registered the “Invesco Galaxy Solana Trust” in Delaware earlier this month, which started the regulation process. Other applicants who have applied for Solana ETFs, including Vaneck, Bitwise, Grayscale and Fidelity, are already waiting for SEC review as a momentum builds around Altcoin ETFs.
So far, the SEC has delayed decisions about various Solana ETF requests and has since requested updates from emptents, but has not excluded it. The final decision -to -go on many of these archives falls in October.
However, Bloomberg analysts James Seyffart and Eric Balchunas have speculated that the SEC can act on Solana ETF applications in July, with a probability of 90% of approval.
From now on Altcoin ETFs will not remain approved in the United States, with the current approval of the location limited to Bitcoin and Ethereum. However, the existence of CME-Gentered Solana Futures and the growing institutional importance in the active has strengthened the matter for a spot product.
