Invesco and Galaxy Digital Register Solana Trust in Delaware

Invesco and Galaxy have registered a Solana trust to begin the process for a potential ETF launch.

A Solana ETF would let investors gain exposure to SOL without owning or storing the token directly.

The SEC is reviewing filings and may allow staking features in future crypto ETFs including Solana.

Invesco and Galaxy Digital have taken the initial step toward launching a Solana exchange-traded fund (ETF) in the United States. On June 12, both firms registered the “Invesco Galaxy Solana Trust” with Delaware’s Division of Corporations. This registration signals the beginning of a potential effort to list a spot Solana ETF on a U.S. securities exchange.

The statutory trust structure is commonly used by asset managers before filing with the U.S. Securities and Exchange Commission (SEC). It provides a legal framework to support the launch of an ETF. This approach mirrors recent filings by other firms aiming to expand crypto ETF offerings beyond Bitcoin and Ethereum.

The next expected step for Invesco and Galaxy would be submitting a Form S-1 with the SEC. That filing initiates the review process required for listing the ETF on a national exchange. While registration does not confirm approval, it positions the firms to proceed with formal regulatory steps.

Growing Momentum for Solana-Based Investment Products

Interest in a Solana ETF has increased in recent months. Several asset managers have moved to establish similar trusts as attention shifts toward alternative cryptocurrencies. Solana is the fifth-largest cryptocurrency by market value and remains a widely followed token among investors.

Data from prediction platform Polymarket shows a 91% chance of approval for a Solana ETF in 2025. This optimism follows signs that the SEC may begin approving such products as early as July. Reports also indicate ongoing discussions between regulators and ETF issuers, including questions about staking features.

Staking could become a key feature for some crypto ETFs. If permitted, it may allow funds to earn additional yield by securing the blockchain network

SEC Review Awaits as Competition Among Issuers Grows

Should Invesco and Galaxy move forward, they will need to submit a 19b-4 form alongside the S-1. This would allow a securities exchange to seek approval to list the ETF. The SEC typically takes up to 240 days to review such applications.

Invesco and Galaxy already operate a Bitcoin ETF under the name BTCO. Their push into Solana mirrors broader efforts by firms like VanEck, Bitwise, and 21Shares, who have submitted similar filings. The trend shows growing institutional interest in regulated altcoin products.

While investor demand for Solana-based ETFs may not match Bitcoin, the product would offer a simpler and regulated way to gain exposure. The trust registration sets the stage for further action as firms wait on regulatory guidance.