Invesco files spot Solana ETF

Invesco Ltd and Galaxy Digital entered the U.S. race for a spot Solana exchange-traded fund with a Securities and Exchange Commission filing dated June 25, 2025. The registration statement sought approval for the Invesco Galaxy Solana ETF, a vehicle designed to hold SOL directly rather than futures or shares in another fund. (sec.gov) The filing said the product would list on Cboe BZX under the ticker QSOL if approved. The move put Invesco and Galaxy alongside other issuers that had already filed Solana ETF proposals with U.S. regulators. (theblock.co) The filing laid out the basic operating structure. Invesco Capital Management LLC was named sponsor, Bank of New York Mellon was listed as administrator, and Coinbase Custody Trust Company was identified as custodian for the SOL held by the trust. (sec.gov) Galaxy would handle token acquisition, according to the filing. ### When did Invesco actually file this fund? June 25, 2025 is the filing date shown on the SEC registration statement for the Invesco Galaxy Solana ETF. That matters because social posts this week described the move as a fresh filing made “yesterday,” but the SEC record shows the S-1 was submitted in 2025, not on May 20, 2026. (sec.gov) The SEC filing identifies the trust as a Delaware entity and says shares would be offered “as soon as practicable after the effective date” of the registration statement. The document also names Invesco Capital Management’s Downers Grove, Illinois office as the principal executive office for the registrant. (theblock.co) ### What would this ETF hold? The proposed fund is structured as a spot crypto ETF, meaning it would hold Solana tokens directly. The filing does not describe a futures-based strategy in the opening terms; instead it presents the trust as a commodity-based vehicle whose shares would reflect exposure to SOL held by the trust. (sec.gov) Coinbase Custody Trust Company would safeguard the SOL, while Galaxy would be responsible for acquiring the tokens for the trust, according to The Block’s account of the filing and the registration statement details. That setup follows the model used in several U.S. spot crypto ETF structures, where a traditional asset manager partners with a digital-asset firm and a crypto custodian. (sec.gov) ### Who else was already in the Solana ETF line? The Block reported that several firms were already pursuing Solana ETF approvals, including VanEck, Bitwise and 21Shares. Separate SEC notices show Cboe BZX filed rule-change proposals in 2025 for Solana products tied to Bitwise and Franklin, while NYSE Arca filed for Grayscale’s Solana trust. (sec.gov) Those filings show that Invesco’s proposal was part of a broader push by issuers to win approval for spot funds tied to cryptocurrencies beyond bitcoin and ether. The SEC had already approved spot bitcoin and spot ether ETFs before these Solana applications moved through the rulemaking process. (theblock.co) ### What has to happen before QSOL can trade? Cboe BZX still needed SEC approval for a proposed rule change to list the Invesco Galaxy Solana ETF. An SEC notice says the exchange filed that proposal to list and trade shares of the trust under BZX Rule 14.11(e)(4), which covers commodity-based trust shares. (theblock.co) That exchange filing is separate from the trust’s registration statement. In practice, both tracks matter: the issuer files its registration documents, and the exchange seeks SEC approval to list the product. The SEC notice on the Cboe filing says the agency was soliciting comments from interested persons as part of that process. (theblock.co) March 31, 2026 is the latest date visible in SEC filings tied to the fund in the materials reviewed here, including a quarterly report for the Invesco Galaxy Solana ETF. The next milestone remains the SEC’s action on the Cboe BZX rule proposal and the effectiveness of the registration statement before any shares could begin trading under QSOL. (sec.gov 1) (sec.gov 2)