Solana ETF Incoming? Invesco’s QSOL Filing Has 95% Shot

Invesco Galaxy has filed an S-1 with the SEC to launch the Invesco Galaxy Solana ETF. This is the latest in a wave of crypto spot ETF applications. If approved, the ETF will be listed under the ticker QSOL on the Cboe BZX Exchange and track the spot price of Solana (SOL) using the Lukka Prime Solana Reference Rate.

The fund will offer regulated exposure to SOL without investors having to own the asset themselves, a structure that is increasingly appealing to institutions who are wary of self-custody risks.

Invesco Galaxy joins the likes of Grayscale, VanEck and Fidelity in seeking to launch Solana ETFs as demand for crypto investment vehicles grows.

SEC Outlook Improving for Spot ETFs

Analysts are optimistic the SEC is warming up to crypto ETFs. Following the approval of Ethereum spot ETFs with staking rewards, Bloomberg Intelligence puts 95% odds on a Solana ETF approval by end of 2025.

This has encouraged multiple managers to update their filings, reflecting SEC feedback and aligning with newly accepted structures.

Notable updates and changes:

• Staking rewards language in S-1 filings

• QSOL will use the Lukka Prime SOL Reference Rate

• ETF applications show increasing institutional confidence

VanEck, 21Shares and Bitwise have made changes to their filings, mirroring the Ethereum ETF approval process earlier this year.

VanEck and Others Get Ready for Green Light

Competition in the Solana ETF space is heating up. Managers including VanEck, Grayscale, 21Shares and Bitwise have all filed for their own spot Solana ETFs. Many have recently updated their proposals to include staking rewards, in line with the SEC’s guidance on Ethereum ETFs.

VanEck’s VSOL has already been listed on the DTCC. While still awaiting SEC approval, its DTCC listing suggests momentum and operational readiness.

ETFs in the pipeline:

• Invesco Galaxy Solana ETF (QSOL)

• VanEck Solana Trust (VSOL)

• Grayscale Solana Trust* 21Shares and Bitwise

Summary:

Invesco Galaxy’s bid for a Solana ETF underscores the rising demand for regulated crypto investment products. With a 95% chance of SEC approval, the QSOL fund could become a milestone for Solana and broader crypto adoption within traditional financial markets.