Invesco US has submitted an application for a Solana exchange-traded fund (ETF) to the United States Securities and Exchange Commission (SEC), becoming the ninth entity to do so.
The proposed ETF, called the ‘Invesco Galaxy Solana ETF,’ will have Galaxy Digital managing the buying and selling of SOL tokens on behalf of the fund. Additionally, Coinbase will act as the custodian, while the Bank of New York Mellon will oversee administration.
If granted approval, the ETF is anticipated to be listed on the Cboe BZX Exchange, where it will track the spot price performance of Solana.
NEW: @InvescoUS (and @galaxyhq) just filed for a Solana ETF. That makes Nine issuers that have filed for a Solana ETF now. pic.twitter.com/iu3OZVO9Pg
— James Seyffart (@JSeyff) June 25, 2025
Invesco’s filing positions it among notable asset managers such as VanEck, Bitwise, and Grayscale, who have previously sought approval for similar Solana ETFs.
Earlier this month, the SEC requested issuers of spot SOL ETFs to update their S-1 filings and provide clarifications regarding in-kind redemption processes by June.
Invesco ETF Filing – Positive Momentum for Solana
The S-1 registration statement outlines that the planned ETF will directly hold Solana, similar to existing Bitcoin and Ethereum ETFs. This fund is set to trade under the ticker symbol QSOL.
The surge in recent filings aimed at tracking Solana’s price, the sixth-largest cryptocurrency by market capitalization, has generated optimism in the industry, particularly following previous approvals for Bitcoin and Ethereum ETFs and their associated price rallies.
Bloomberg’s senior ETF analyst James Seyffart has forecast a 95% probability for this year’s approval of Solana and other altcoin ETFs.
“Delays related to spot crypto ETFs are to be anticipated,” he stated in May, suggesting that approvals are “more likely” to occur in early Q4 of 2025.
Record Solana Activity on CME Points to Potential ETF Launch
Recent analyses indicate that Solana trading activity on the CME has reached new heights, signaling robust institutional interest. Last week, open interest surpassed 2,849 contracts, equating to a notional value of $146 million.
Three months in and Solana futures are gaining traction:
106K contracts traded
$3B+ notional volume
Growing institutional use: 10% of May volume in blocks (avg size: $5M)
Record open interest: 2,849 contracts on June 17 ($146M notional)
See what’s fueling interest … pic.twitter.com/lAOVBw4YLf
— CME Group (@CMEGroup) June 20, 2025
Furthermore, other prominent firms are advancing their own SOL ETF applications as the SEC continues its review process. Notably, Franklin Templeton’s filing is currently undergoing scrutiny by the commission, which has opened a public comment period for feedback.
Market analysts have generally adopted a bullish outlook on SOL as its price movements reflect growing confidence surrounding ETF approvals.
A trader known as Cipher X indicated that the likelihood of Solana ETF approvals stands at 80% by July. This trader anticipates a potential repricing, forecasting that SOL could experience a significant monthly increase of 40% to 50% following the ETF news.
$SOL is at a very crucial support level right now.
If the $138-$140 level holds, SOL could rally towards $190-$200 by July.
In case the support level didn't hold, I'm placing some bids at $130.
Solana ETFs approval chances are 80% by July, and there'll definitely be repricing.… pic.twitter.com/6xM88v1DKT
— Cipher X (@Cipher2X) June 20, 2025
Additionally, market analyst Cas Abbe noted that Solana has recovered from its support level, indicating a bullish trend. “The reason I’m paying much attention to Solana is because of ETF approvals,” he remarked.
“I still think that approval hasn’t been priced in yet, and there’ll be a rally next month.”
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