Asset Manager Invesco Becomes Latest to File for Solana ETF – Is SEC’s Approval Imminent?

Invesco US has become the ninth issuer to file for a Solana exchange-traded fund (ETF) with the US SEC.

Dubbed ‘Invesco Galaxy Solana ETF,’ the asset manager noted that Galaxy Digital will be responsible for purchasing and selling SOL on behalf of the fund. Further, Coinbase will serve as the fund’s custodian, and Bank of New York Mellon as the administrator.

The ETF, if approved, is expected to list on the Cboe BZX Exchange, tracking 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 has become the ninth issuer to file for a Solana-tracking ETF, after several asset managers, including VanEck, Bitwise and Grayscale.

Early this month, the regulator requested spot SOL ETF issuers to update their S-1 filings by June and clarify procedures for in-kind redemptions.

Invesco ETF Filing – A Clear Tailwind for Solana

Per the S-1 registration statement, Invesco has proposed the planned ETF to directly hold Solana, similar to Bitcoin and Ethereum spot ETFs. The fund will be traded under the ticker symbol QSOL.

The recent flurry of filings to track the price of Solana, the sixth-largest crypto by market cap, sets off a wave of optimism across the sector that saw Bitcoin and Ethereum ETF approvals and BTC’s new highs in the recent past.

Additionally, Bloomberg senior ETF analyst James Seyffart predicted that there is a 95% odds of Solana and other altcoin ETF approvals this year.

“Delays on spot crypto ETFs are expected,” he said in May, adding that the approvals are “more likely” to be in early Q4, 2025.

Growing Solana Activity on CME Signals Imminent ETF Launch

Per a recent report, Solana activity on CME had hit record highs, signalling strong institutional positioning. Last week, open interest peaked at 2,849 contracts, representing $146 million in notional value.

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

Further, top firms have advanced SOL ETF filings amid ongoing SEC review. Franklin Templeton’s application is currently under review by the SEC. The commission has opened a public comment period, as part of the review, to allow people to submit feedback.

Analysts, on the other hand, have grown bullish on SOL, as its price action reflects ETF optimism.

According to a trader Cipher X, “Solana ETFs approval chances are 80% by July.” The pseudonymous trader expects a repricing to follow and projects that SOL could deliver a monthly move of 40% to 50% following the ETF catalyst.

$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

Besides, market analyst Cas Abbe wrote on X that Solana has rebounded from its support level, signalling a bullish sign. “The reason I’m paying much attention to Solana is because of ETFs approval,” he wrote.

“I still think that approval hasn’t been priced in yet, and there’ll be a rally next month.”