SEC Recognizes Invesco Galaxy’s Spot Solana ETF Application
The U.S. Securities and Exchange Commission (SEC) has taken a significant step by officially recognizing the Invesco Galaxy’s application for a spot Solana ETF. This acknowledgment propels the proposal into the public comment phase, a crucial stage in the regulatory review process.
Details of the Proposed ETF
Designed to mirror the spot price of Solana (SOL), the proposed exchange-traded fund is also set to include a staking element, with intentions to be traded on the Cboe BZX Exchange, contingent upon obtaining the necessary regulatory green light.
Regulatory Process and Implications
This development follows the submission of Form 19b-4 by the Cboe, which seeks to amend existing rules to facilitate the ETF’s listing and trading. While reaching this stage does not equate to approval, it represents an essential procedural achievement that maintains the momentum of the application and indicates that it is under formal examination.
Industry Context
Invesco Galaxy’s spot Solana ETF is among a growing list of prominent applications currently pending review by the SEC. Notably, at least eight other asset management firms—including industry leaders like VanEck, Grayscale, Fidelity, and Bitwise—have also submitted updated S-1 registration statements. These updates, although minor, suggest that the issuers are in active communication with regulators regarding essential elements such as staking mechanisms and custodian partnerships.
Market Outlook
Market analysts suggest that such concerted efforts may hint at the likelihood of approvals being on the horizon, with some expecting final verdicts to emerge as early as this coming August or September.
