By Key Points
- Invesco and Galaxy Digital file for a Solana spot ETF under ticker QSOL
- Marks the ninth Solana ETF filing in the U.S. so far
- Analysts say there’s a 90% chance of SEC approval in 2025
- ETF could allow staking rewards, adding income potential for investors
Invesco and Galaxy Digital have officially entered the race to launch the first spot Solana (SOL) exchange-traded fund (ETF) in the United States.
The two firms filed a joint S-1 registration with the U.S. Securities and Exchange Commission (SEC) on June 25, aiming to list the Invesco Galaxy Solana ETF on the Cboe BZX Exchange under the ticker symbol QSOL.
NEW: @InvescoUS (and @galaxyhq) just filed for a Solana ETF. That makes Nine issuers that have filed for a Solana ETF now. pic.twitter.com/iu3OZVO9Pg
— James Seyffart (@JSeyff) June 25, 2025
This application represents the ninth filing for a Solana ETF in the U.S., underlining the growing demand for altcoin-based financial products. Unlike futures-based ETFs, this one will track Solana’s spot market price, giving investors direct exposure to the asset.
As per the filing, Invesco Capital Management LLC will sponsor the ETF, while Galaxy Digital will handle the acquisition and management of the underlying Solana assets. For custody, the ETF will rely on Coinbase Custody Trust Company, a regulated digital asset custodian.
All of them include staking language i believe
— James Seyffart (@JSeyff) June 13, 2025
Bank of New York Mellon (BNY Mellon) will serve multiple roles, including fund administrator, cash custodian, and transfer agent.
A standout feature in this filing is the inclusion of a staking component. The ETF may allocate a portion of its SOL holdings to staking activities through trusted providers, including affiliates of the sponsor or execution agents.
This means the ETF could generate additional returns through staking rewards, which would be treated as income for the fund.
This strategy aligns with a broader trend among recent ETF proposals, where asset managers are looking to enhance yield and offer diversified return streams to institutional and retail investors.
With staking becoming an essential part of blockchain networks like Solana, including it in ETF mechanics could be a game-changer for traditional investors.
For example, recent developments such as the largest Bitcoin holder making strategic moves have prompted institutional investors to broaden their portfolios beyond BTC—creating strong momentum for assets like Solana.
Why SEC Approval Seems More Likely Than Ever
The big question hanging over all these filings is simple: Will the SEC approve a Solana ETF in 2025?
Industry experts are optimistic. Bloomberg ETF analyst James Seyffart has suggested that the SEC may take action sooner than expected on spot Solana and staking-enabled ETF filings.
His colleague, Eric Balchunas, has echoed this sentiment, stating that the market should prepare for a possible “Altcoin ETF Summer,” with Solana leading the way.
Get ready for a potential Alt Coin ETF Summer with Solana likely leading the way (as well as some basket products) via @JSeyff note this morning which includes fresh odds for all the spot ETFs. pic.twitter.com/UMzih4oou7
— Eric Balchunas (@EricBalchunas) June 10, 2025
Prediction markets and insider forecasts back this growing optimism. Notably, Polymarket—one of the largest blockchain-based prediction platforms—has shown that the probability of SEC approval for a Solana ETF in 2025 has risen to 90%, up from 70% just a few weeks ago.
The shift in sentiment can be linked to broader regulatory changes and a more crypto-friendly environment in Washington. With Bitcoin and Ethereum ETFs already making progress in traditional markets, the path for altcoin ETFs, such as Solana’s, appears to be opening up.
Probability of the SEC approving the Solana ETF in 2025. Source: Polymarket – Techtoken
There’s also momentum from the sheer number of applications. Invesco and Galaxy join a growing list of major firms—including VanEck, Bitwise, Grayscale, 21Shares, Franklin Templeton, Fidelity, and Canary Capital—all pushing for spot Solana ETFs.
These companies are not just submitting applications—they’re actively refining them. Several recent filings have included updates allowing staking, indicating that asset managers are adapting their products to stay competitive in a rapidly evolving market.
Meanwhile, blockchain projects continue making headlines for both breakthroughs and controversies. For example, the recent crypto heist involving Gonjeshke Darande has raised new questions about security and custody—something ETFs backed by trusted custodians aim to resolve.
If one or more of these ETFs are approved, it could mark a historic shift in crypto investing, giving everyday investors exposure to Solana via retirement accounts, brokerages, and ETFs—without needing to manage private keys or crypto wallets.
Altcoin ETFs Are Reshaping Traditional Markets
While Solana ETFs are in the spotlight, they’re part of a much larger trend: the mainstreaming of altcoin exposure through traditional investment products.
Beyond Solana, investment managers are now looking to NFT-themed and meme-based ETFs as the next frontier. Case in point: Canary Capital’s Pudgy Penguins (PENGU) ETF, which just advanced its application with a Form 19b-4 filing through the Cboe BZX exchange. This filing represents a major step toward bringing an NFT-themed spot ETF to market.
According to Bloomberg’s Eric Balchunas, this PENGU ETF is “on the clock now,” meaning the SEC will need to respond within a specified timeframe.
The Canary PENGU ETF, the first and only spot pudgy penguin filing, just got its 19b-4 filing via CBOE. On clock soon. pic.twitter.com/852jIPtuvF
— Eric Balchunas (@EricBalchunas) June 25, 2025
If approved, it would become the first spot ETF tied to a meme project, signaling that the SEC may be open to a much wider range of crypto-linked products than previously expected.
These developments reflect a broader shift in investor demand. As digital assets move beyond Bitcoin and Ethereum, there’s a growing appetite for structured financial products that offer exposure to emerging projects, alternative Layer-1 chains, and even NFT communities.
In fact, with projects like Chainlink teaming up with Mastercard to drive DeFi access to billions, traditional finance and crypto are beginning to overlap more than ever. These collaborations fuel confidence in altcoin-driven ETFs as viable products for the mainstream.
However, the industry also faces setbacks. For instance, the Pi Network’s domain backlash shows how even promising projects can struggle to sustain community interest—another reason why asset-backed ETFs are gaining favor for offering more stable, compliant exposure.
As the SEC continues to evaluate these filings, 2025 could shape up to be a watershed moment for crypto adoption within the traditional finance space.
To stay up to date with more regulatory and project developments—like the crypto news from Iran and Injective’s recent moves—keep an eye on how institutions are reshaping the landscape with structured digital asset products.
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