Invesco and Galaxy Digital have collectively filed with the Securities and Change Fee (SEC) to launch the Invesco Galaxy Solana ETF. If accepted, the fund, set to commerce beneath the ticker “QSOL” on the Cboe BZX Change, will instantly maintain Solana (SOL), the sixth-largest cryptocurrency by market capitalization, and observe its spot value in actual time.
The submitting makes it the ninth contender within the intensifying race to carry a spot Solana ETF to the U.S. market, becoming a member of heavyweight asset managers similar to VanEck, Bitwise, Grayscale, 21Shares, CoinShares, Canary Capital, Franklin Templeton, and Constancy Investments. This surge of purposes follows the SEC’s landmark approvals of spot Bitcoin and Ether ETFs, which have already attracted billions in inflows and signaled a brand new period of mainstream crypto adoption.
https://twitter.com/JasCrypto_/standing/1938239261427269940
How The Solana ETF Will Work
Based on the S-1 registration statement, the Invesco Galaxy Solana ETF will instantly maintain SOL tokens, with Galaxy Digital chargeable for buying and managing the underlying property. Coinbase Custody Belief Firm will function the fund’s crypto custodian, whereas Financial institution of New York Mellon will deal with fiat administration. The ETF will use the Lukka Prime Solana Reference Charge to reflect the real-time market value of SOL.
A standout characteristic of the QSOL ETF is its staking provision. The submitting notes that the fund could “on occasion, stake a portion of the Belief’s property via a number of trusted staking suppliers,” incomes further SOL tokens as rewards.
This method might improve yield for traders and set the ETF other than conventional crypto funds. Staking rewards could be handled as revenue to the belief, a element now echoed in a number of competing Solana ETF filings.
If accepted, the Invesco Galaxy Solana ETF would supply U.S. traders regulated, direct entry to SOL with out the complexities of self-custody, probably unlocking a brand new wave of institutional and retail participation. Its built-in staking mechanism might increase yields, making it much more enticing to long-term holders.
READ MORE: Pepe Price Prediction: ETH Breakout Could Be PEPE’s Only Lifeline
