Solana could be the next crypto asset to see a wave of ETF approvals amid growing altcoin demand
Invesco and Galaxy Digital have officially joined the race to launch a spot Solana exchange-traded fund (ETF) in the United States, bringing the total number of Solana ETF filings to nine.
In a Form S-1 registration statement filed with the U.S. Securities and Exchange Commission (SEC) on Wednesday, the firms proposed the Invesco Galaxy Solana ETF, which would directly hold Solana (SOL) and track its spot market price. The ETF plans to trade under the ticker QSOL on the Cboe BZX Exchange.
Invesco-Galaxy ETF Would Hold and Potentially Stake Solana
The filing confirms that the ETF would physically hold SOL, with Coinbase Custody acting as custodian for the underlying assets.
Additionally, the proposal includes a provision allowing the ETF to stake a portion of its Solana holdings, generating additional SOL tokens as staking rewards. These staking proceeds would be treated as income for the fund, similar to how some Ethereum ETFs are structured.
Solana ETF Filings See Surge Amid Regulatory Tailwinds
Invesco and Galaxy join a growing list of asset managers looking to launch Solana ETFs, including:
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VanEck
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Bitwise
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Grayscale
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21Shares
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Franklin Templeton
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Fidelity
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Canary Capital
With the Trump administration vowing to ease crypto regulation, market optimism is surging. That momentum has helped Bitcoin (BTC) hit new highs in 2024 and driven a flurry of institutional fundraising for long-term crypto investments.
Bloomberg: Solana ETF Approval Likely by July
According to Bloomberg ETF analyst James Seyffart, the SEC may act early on Solana ETF filings, possibly approving them as soon as July 2025. This could include ETFs tracking Solana and possibly multi-asset crypto baskets.
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
Fellow Bloomberg analyst Eric Balchunas noted this could spark an “altcoin ETF summer,” with Solana ETFs likely leading the charge.
Bloomberg currently estimates a 90% probability that Solana ETFs will receive approval. If greenlit, all approved issuers are expected to launch simultaneously to avoid giving any one firm a market advantage.
A Major Milestone for Solana and Altcoin Adoption
Solana is currently the sixth-largest cryptocurrency by market capitalization, and ETF approval would mark a major institutional breakthrough for the token. The move also reflects growing interest in altcoin ETFs, beyond the already approved Bitcoin and Ethereum spot funds.
With firms like Invesco, Grayscale, Bitwise, and Fidelity all competing for approval, investor access to Solana could be on the verge of entering a new era — one backed by Wall Street-scale infrastructure.
