Invesco and Galaxy Seek Solana ETF Approval
Investment management firm Invesco Ltd and crypto-focused Galaxy Digital LP are pursuing a Solana exchange-traded fund (ETF). They filed a registration with the SEC for the 'Invesco Galaxy Solana ETF,' which would be traded on Cboe BZX as 'QSOL,' pending approval. Invesco Capital Management LLC is set to sponsor, with the Bank of New York Mellon as administrator. Galaxy Digital will manage token acquisition, while Coinbase Custody Trust Company, LLC will be the custodian. Other competitors in the race include VanEck, Bitwise, and 21Shares. Anticipation of regulatory easing has driven multiple proposals for crypto ETFs, bolstered by recent approvals for Bitcoin and Ethereum ETFs. The SEC's request for updates on S-1 filings suggests possible imminent approvals for Solana ETFs. Additionally, Cboe BZX has filed a separate submission for the Canary PENGU ETF, linked to the Ethereum-based NFT project Pudgy Penguins.
FAQ
❓ What is a Solana ETF?
A Solana ETF is an exchange-traded fund designed to track the performance of the Solana cryptocurrency.
❓ Who are the key players in the Solana ETF race?
Key players include Invesco, Galaxy Digital, VanEck, Bitwise, and 21Shares.
❓ What are the roles of Invesco and Galaxy in this ETF?
Invesco is the sponsor and administrator, while Galaxy is responsible for acquiring Solana tokens.