Key Takeaways
Invesco and Galaxy Digital filed for a Solana ETF in Delaware amid expectations of SEC approval.
The SEC may approve spot Solana ETFs within an expedited timeline of three to five weeks.
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Invesco and Galaxy Asset Management, the fund management arm of Galaxy Digital, have filed to register a trust in Delaware for a proposed Solana ETF, a key early step toward launching the fund. The filing suggests that a formal SEC application may be imminent.
Once Invesco and Galaxy Asset Management submit a formal application to the SEC, the firms will officially join the growing list of asset managers seeking to launch a spot Solana ETF in the US.
To date, that list includes Grayscale, VanEck, Bitwise, 21Shares, Canary Capital, Franklin Templeton, and Fidelity. In effect, nearly every fund manager that offers US-listed spot Bitcoin and Ethereum ETFs is now pursuing a Solana-based counterpart, except BlackRock.
The latest move by Invesco and Galaxy comes amid growing optimism around potential SEC approval of spot Solana ETFs. Momentum picked up this week following reports that the SEC had engaged directly with ETF issuers, instructing them to submit revised S-1 registration statements.
The requested revisions suggest possible fast-tracking of the approval process, which some sources believe could conclude within three to five weeks. The SEC has also reportedly signaled its openness to staking within the ETF structure.
Bloomberg ETF analysts Eric Balchunas and James Seyffart estimate a 90% chance of approval for Solana and Litecoin ETFs this year, placing them at the top of their list. XRP ETFs follow closely with approval odds of roughly 85%.
I wrote about this topic a bit today as well. Can be read at this link here if you’re a Bloomberg Terminal Client:https://t.co/Tl3XfNq2Am pic.twitter.com/jAQ048Ewdr
— James Seyffart (@JSeyff) June 10, 2025
Solana ranks fifth by market cap, excluding stablecoins. SOL is trading at around $147 at the time of reporting, down 7% in the last 24 hours, per CoinGecko data.
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