Invesco Galaxy Solana ETF: Cboe Files for Listing
The Cboe BZX Exchange has made a filing to list the Invesco Galaxy Solana ETF, seeking to provide regulated access to Solana (SOL) with built-in staking rewards. This move comes shortly after the first U.S. Solana Staking ETF was launched.
Invesco Galaxy Solana ETF: Spot Exposure
The proposed Invesco Galaxy Solana ETF has been submitted to the U.S. Securities and Exchange Commission (SEC) for listing on the Cboe BZX Exchange. According to the SEC filing, the ETF is categorized as a commodity-based trust under BZX Rule 14.11.
The ETF aims to offer investors direct exposure to Solana's spot price by holding actual SOL tokens. A portion of these SOL holdings will be staked using trusted providers to generate staking rewards, which may be treated as income for the fund.
If approved, the Invesco Galaxy Solana ETF could be among the first Solana spot ETFs in the United States, following the launch of the REX–Osprey Sol + Staking ETF (SSK), already trading on Cboe.
Like SSK, the Invesco ETF is structured as a grantor trust, and will not be registered under the Investment Company Act of 1940 nor regulated as a commodity pool. The ETF will utilize the Lukka Prime Solana Reference Rate to track SOL's value.
Pricing data will be updated every 15 seconds, using data from major exchanges like Binance, Coinbase, Kraken, and OKX. Invesco Capital Management will act as the sponsor, with Fidelity managing administration and distribution.
A third-party custodian will manage the SOL storage, using segregated and cold wallets for enhanced security. The ETF will support both cash and in-kind creations and redemptions.
Cboe Argues for SOL’s Market Integrity
Cboe BZX asserts in its filing that Solana is resistant to manipulation, highlighting SOL’s 24/7 global market, fragmented liquidity, and average daily trading volume of $2 billion.
The exchange also notes that Solana's decentralized design, arbitrage mechanisms, and lack of insider information reduce fraud risks. This Solana ETF filing mirrors the regulatory logic previously used for spot Bitcoin and Ethereum ETFs.
Cboe mentions that Solana futures contracts began trading on CME in March 2025 but have not yet reached the “significant size” threshold. The ETF will offer regulated access to Solana for investors, eliminating the need for self-custody and exposure to offshore platform risks.
Additionally, it aims to minimize tracking errors seen in OTC crypto products, reflecting a trend toward increasing accessibility of major altcoins on American exchanges through ETFs. As of the latest data, the SOL price is $184.23.
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