Ninth Solana ETF Bid Filed by Invesco and Galaxy

Invesco and Galaxy Digital are the new companies filing to launch a Solana exchange-traded fund (ETF) with the SEC. Now, the duo has become the ninth issuer to enter the race for a U.S.-listed spot SOL ETF. 

According to a report from James Seyffart, the two firms registered the “Invesco Galaxy Solana ETF” as a statutory trust in Delaware on June 12, signaling their intent to offer regulated exposure to Solana.

Invesco is a global investment management firm with over $1.5 trillion in assets under management, while Galaxy Digital is a crypto-native financial services company led by Mike Novogratz. The two have previously partnered on Bitcoin and Ethereum ETFs and are now extending that collaboration to Solana.

This latest filing adds to a growing list of Solana ETF applicants, which includes Grayscale, VanEck, Bitwise, 21Shares, Canary Capital, Franklin Templeton, and Fidelity. Nearly every major player that launched Bitcoin and Ethereum ETFs is now pursuing a Solana-based counterpart, except BlackRock, which remains notably absent from the SOL race.

While in the first quarter we started getting a sense that ETF filings would slow down, as the SEC continuously postponed key decisions and extended review periods, the second quarter has flipped that narrative on its head. Bloomberg analysts now estimate a 90% chance of approval for both Solana and Litecoin ETFs in 2025, citing increased SEC engagement and revised filings from issuers

The Commission has reportedly begun reviewing technical details such as staking mechanics and redemption models, suggesting a fast-tracked approval process could be underway.

If approved, a Solana ETF would mark a major milestone for institutional adoption of the fifth-largest digital asset by market cap. It would also signal a broader shift in regulatory openness toward altcoin-based investment products.

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