Invesco Capital Management LLC and Galaxy Digital have jointly filed with the U.S. Securities and Exchange Commission (SEC) to launch a spot Solana exchange-traded fund (ETF) under the ticker QSOL. The proposed Solana ETF aims to track the spot price of SOL by utilizing the Lukka Prime Solana Reference Rate, which estimates Solana's fair market value by analyzing trade data across qualified platforms. The fund will be listed on the Cboe BZX Exchange.
The ETF structure includes staking of SOL tokens by selected providers, potentially increasing fund assets through staking rewards, which are treated as taxable income. Coinbase Custody Trust Company will provide custody services for SOL tokens, while Bank of New York Mellon will manage fiat transactions and serve as the transfer agent. CSC Delaware Trust Company will handle legal responsibilities as the trustee.
The filing places QSOL in direct competition with other pending spot Solana ETF applications from VanEck, Bitwise, and 21Shares, marking a broader institutional push into regulated crypto investment products beyond Bitcoin and Ethereum. These developments follow the SEC's recent approval of spot Bitcoin and Ethereum ETFs, signaling a shift toward wider acceptance of altcoin ETFs like Solana.
Market observers expect a high likelihood of regulatory approval (90-95%), which could provide institutional investors with regulated access to Solana, potentially increasing its prominence and liquidity in mainstream portfolios. The ETF will allow creations and redemptions in-kind or cash, supporting operational flexibility. The structure excludes forked or airdropped tokens to maintain valuation integrity.