Cboe BZX Exchange has submitted a landmark filing to the SEC for the Invesco Galaxy Solana ETF, marking one of the first U.S. spot Solana ETFs to incorporate staking functionality. The proposed fund will track SOL's spot price using the Lukka Prime Solana Reference Rate – which aggregates data from Binance, Coinbase, Kraken, and OKX every 15 seconds – while holding assets in cold storage through a third-party custodian.
Key structural details reveal the ETF will operate as a grantor trust, avoiding registration under the Investment Company Act of 1940. A portion of holdings will be staked with selected providers to generate rewards treated as trust income, with Fidelity managing administration/distribution and Invesco serving as sponsor. Cboe's filing emphasizes Solana's $2 billion+ daily trading volume and fragmented market structure as manipulation-resistant qualities, mirroring arguments used in earlier Bitcoin and Ethereum ETF approvals.
Simultaneously, Cboe filed a separate proposal for the Canary Staked INJ ETF sponsored by Canary Capital Group, which similarly includes staking mechanics for Injective tokens. Both filings leverage BZX Rule 14.11(e)(4) regulatory framework and follow the SEC's two-step review process, with Bloomberg analyst James Seyffart anticipating potential approvals by early Q4 2025.