Invesco Galaxy Moves to Launch Spot Solana ETF in U.S.
Invesco Galaxy is making a move to bring Solana to Wall Street, filing an application with the U.S. Securities and Exchange Commission (SEC) to list a Solana-based exchange-traded fund (ETF) on the Cboe BZX exchange.
The proposal, dated July 28, 2025, outlines plans for the “Invesco Galaxy Solana ETF” to be listed under Cboe’s BZX Rule 14.11(e)(4). The fund would operate as a Delaware-based grantor trust with no expiration date, and Invesco Capital Management LLC would serve as the sponsor.
Unlike mutual funds or commodity pools, the ETF would not fall under the Investment Company Act of 1940 or the Commodity Exchange Act, meaning it would not be regulated as a commodity pool or advisory entity. The trust will be registered via Form S-1 under the Securities Act of 1933.
Cboe’s filing points to recent SEC approvals for spot Bitcoin and Ether ETFs as precedent, noting that while those markets lacked “significant” futures volume on CME, the agency still found sufficient safeguards to approve them.
Invesco’s latest move adds to the growing momentum behind crypto ETFs beyond Bitcoin and Ethereum, marking Solana as the next potential candidate for institutional exposure.
Alex is Editor-in-Chief of Coindoo and co-founder of Millennial Media Group, with nearly a decade of experience covering financial markets - crypto first, then everything else. It started in 2016 with Bitcoin. Like most people at the time, he didn't fully understand it - so he kept digging. Blockchain, tokenomics, the projects, the cycles. That curiosity never stopped, and eventually pulled him into traditional markets too: equities, commodities, macro. Not because he left crypto behind, but because you can't properly understand one without the other. What drives him is straightforward: he wants to know why something is happening, not just that it's happening. Most market coverage stops at the headline - price up, price down, here's a chart. Alex finds that kind of reporting actively unhelpful. If you walk away from an article without understanding the mechanism behind the move, what did you actually learn? He holds a degree in Tourism from New Bulgarian University - not the most obvious path into financial markets, but markets have a way of pulling in people who are simply too curious to stay out. He has authored over 200 in-depth analyses and more than 10,000 articles across crypto and traditional finance. He still thinks every day in markets teaches him something new. That's probably why he hasn't stopped.
