Invesco and Galaxy Digital File for Solana ETF, SOL Price Still Stuck

Highlights:

• Invesco and Galaxy file SOL ETF, joining nine issuers amid rising demand.
• ETF may include staking rewards, offering income potential alongside Solana price exposure.
• Bloomberg analysts raise approval odds to 95%, citing regulatory clarity and market momentum.

Invesco, in partnership with Galaxy Digital, submitted an application on Wednesday to introduce a Solana exchange-traded fund (ETF) in the United States. With this move, the total number of Solana ETF proposals has now reached nine. The proposed ETF is named the “Invesco Galaxy Solana ETF”. According to the filing, Galaxy Digital will be responsible for managing the purchase and sale of Solana assets on behalf of the fund. Coinbase will keep the Solana safe as the custodian, while the Bank of New York Mellon will manage the fund. 

If given the green light, the ETF will trade on the Cboe BZX Exchange under the symbol “QSOL” and will follow Solana’s real-time market price. The S-1 filing says the fund will directly hold Solana, just like other similar ETF proposals. The companies must file Form 19b-4 with the SEC to request a rule change. This filing is required for the SEC to begin its review and consider approval of the ETF.

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

The wave of new Solana ETF applications has brought renewed excitement to the crypto market. Solana is the sixth-largest cryptocurrency, and this excitement follows recent approvals of Bitcoin and Ethereum ETFs, along with Bitcoin reaching new highs. James Seyffart, a senior ETF analyst at Bloomberg, believes there’s a 95% chance that Solana and other altcoin ETFs will get approved sometime this year. In May, he also noted that delays are normal but added that approvals will likely come in early Q4 of 2025.

NEW: @EricBalchunas & I are raising our odds for the vast majority of the spot crypto ETF filings to 90% or higher. Engagement from the SEC is a very positive sign in our opinion pic.twitter.com/5dh8G8rK6Y

— James Seyffart (@JSeyff) June 20, 2025

Invesco and Galaxy said in their filing that they may sometimes stake part of the fund’s Solana using trusted staking providers. Staking means locking SOL to help the network work safely. In return, the fund earns more Solana tokens, which may count as income.

SOL ETFs Deadline Set for October 10, Early Approval Still Possible

Other asset managers who also want to launch Solana ETFs updated their filings earlier this month to include details about staking and how it will work. Earlier this month, the SEC asked all issuers planning spot‑Solana ETFs to submit updated S‑1 filings by mid‑June. They specifically wanted clearer information on in‑kind redemptions—how investors can exchange ETF shares for Solana tokens—and on staking procedures.

The SEC’s final deadline to decide on these ETFs is October 10. All Solana ETFs will likely launch at the same time to keep things fair. Several major firms have applied to launch a Solana ETF, including Invesco, Franklin Templeton, Fidelity, CoinShares, Grayscale, VanEck, 21Shares, Bitwise, and Canary Capital.

UPDATE: Multiple stories broke the news earlier this week that the SEC had reached out to issuers requesting them to submit updated documents for their Solana ETFs & to include staking. As of 5 PM EST we have 6 of the 7 hopeful Solana ETF issuers that have submitted those S-1's pic.twitter.com/WqPI2jf2CW

— James Seyffart (@JSeyff) June 13, 2025

Solana Price Stalls Despite ETF Buzz

Even with the recent news, Solana’s price hasn’t made a big move and is still stuck in a weekly range. Many traders were hoping for a strong breakout, but that hasn’t happened yet. In the past, ETF filings often led to quick price jumps, but changing market conditions have slowed that trend this time. SOL is currently trading around $144, with a 24-hour trading volume of $3.23 billion. Over the past month, Solana has dropped more than 18%, moving in line with the overall market decline.