9 asset managers are actually seeking to launch an exchange-traded fund (ETF) monitoring Solana, with Invesco the most recent to hitch the bidding because the agency appears to be like to push merchandise past Bitcoin and Ethereum.
In a regulatory filing on Wednesday, Invesco and Galaxy Digital put ahead the Invesco Galaxy Solana ETF, which goals to trace the spot value of Solana (SOL), at the moment the sixth-largest cryptocurrency by market cap.
It’s the ninth submitting for a Solana-tracking ETF, becoming a member of bids from the likes of VanEck, Bitwise and crypto ETF large Grayscale.
The companies need to take a look at the market’s urge for food for so-called altcoins after the large success of Bitcoin (BTC) ETFs launched in early 2024 and milder wins for funds tied to Ether (ETH) that launched later that yr.
The Trump administration has promised to ease laws on crypto, setting off a wave of optimism via the sector that has seen Bitcoin hit new highs and triggered a slate of public firms to collectively increase billions to spend money on Bitcoin long-term.
Invesco Galaxy fund to instantly maintain Solana
Invesco and Galaxy’s submitting, a Kind S-1 registration assertion that tells the Securities and Alternate Fee it plans to launch a safety, lays out that the deliberate ETF plans to instantly maintain Solana — the identical as different competing ETFs.
If permitted by the regulator, the ETF would commerce on the Cboe BZX trade beneath the ticker “QSOL.”
The companies might want to submit what’s known as a Kind 19b-4, which information a rule change with the SEC, for the company to start the method of contemplating approving the ETF.
This can be a creating story, and additional info can be added because it turns into out there.
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