Invesco and Galaxy File Solana ETF with SEC Under Symbol QSOL

• Invesco and Galaxy ask SEC for Solana ETF
• QSOL ETF to be traded on Cboe BZX
• Galaxy Digital to Purchase SOL Tokens for Fund

Invesco and Galaxy Digital have filed an application with the US Securities and Exchange Commission (SEC) to launch a Solana ETF, reinforcing the movement among asset managers competing for authorization for the first fund directly linked to the Solana network.

The proposed fund, called the Invesco Galaxy Solana ETF, will trade on the Cboe BZX Exchange under the ticker QSOL, as detailed in a recently filed registration document. Invesco Capital Management is listed as the fund’s sponsor, while Galaxy Digital will be responsible for purchasing the SOL tokens that will back the product.

In the fund's operational structure, the Bank of New York Mellon will act as administrator, while the custody of the assets will be handled by Coinbase Custody Trust Company. The choice of institutions indicates an attempt to convey institutional security to investors who follow the advances in crypto asset regulation in the US.

The filing joins others already filed by companies including VanEck, Bitwise and 21Shares, which are also seeking to create Solana-backed ETFs. Interest has intensified following the inauguration of current U.S. President Donald Trump, reigniting expectations for a more flexible approach from the SEC when it comes to approving crypto-related instruments.

The SEC has recently requested adjustments to these asset managers’ S-1 filings, which is usually a procedural step prior to formal approvals. The move comes after the approvals of Bitcoin and Ethereum spot ETFs, considered milestones in the process of integrating cryptocurrencies into the traditional financial market.

In parallel, Cboe BZX also filed a Form 19b-4 last week for the Canary PENGU ETF, which focuses on the ecosystem of the Ethereum-based NFT project Pudgy Penguins. The move shows that, in addition to traditional assets, there is a growing openness to products tied to new categories of digital tokens, such as those linked to NFTs.