Key takeout
Investco and Galaxy Digital have applied for the Solana ETF in Delaware amid expectations of SEC approval. The SEC may approve Spot Solana ETFs within a 3-5 week timeline.
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Galaxy Digital’s fund management arm, Invesco and Galaxy Asset Management, have submitted that the trust be registered with Delaware in the proposal of the Solana ETF, an important early step in launching the fund. The submission suggests that a formal SEC application may be imminent.
Once Invesco and Galaxy Asset Management submits a formal application to the SEC, companies will join the growth list of asset managers seeking to officially launch Solana ETFs in the US.
So far, that list includes Grayscale, Vaneck, Bitwise, 21Share, Canary Capital, Franklin Templeton and Fidelity. In fact, almost every fund manager offering spot Bitcoin and Ethereum ETFs listed in the US are pursuing a Solana-based counterpart, except BlackRock.
The latest move by Invesco and Galaxy comes amid growing optimism over the recognition of the potential SEC of the Spot Solana ETF. Momentum revived this week following reports that the SEC had directly involved with ETF issuers and directed them to submit their revised S-1 registration statement.
The requested revision suggests the possibility of rapid tracking of the approval process, with some sources expecting it to be completed within 3-5 weeks. The SEC is also reportedly showing openness to staking within the ETF structure.
Bloomberg ETF analysts Eric Bulknath and James Seyfert estimated that this year there is a 90% chance of Solana and Litecoin ETF approval and are placed at the top of the list. The XRP ETF closely follows an approval odds of around 85%.
I’ve written a bit about this topic today too. For Bloomberg terminal clients, you can read it at this link: https://t.co/tl3xfnq2am pic.twitter.com/jaq048ewdr
– James Seyfert (@jseyff) June 10, 2025
Solana ranks fifth in terms of market capitalization, excluding Stablecoins. Sol traded for around $147 at the time of reporting, down 7% over the last 24 hours per Coingecko data.
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