Invesco and Galaxy Take First Step Toward a Solana ETF Launch

• Invesco and Galaxy Digital registered a new trust in Delaware as part of their upcoming Solana ETF filing process.
• The SEC asked issuers to amend S-1 filings, signaling potential openness to staking within ETF structures.

Two financial giants, Invesco and Galaxy Digital, have officially registered the Invesco Galaxy Solana ETF as a Delaware Statutory Trust. While it may look administrative, this is not just an ordinary legal document. For astute crypto market players, this is an early signal that the Solana spot ETF could soon enter a bigger stage.

BREAKING: INVESCO Galaxy @Solana ETF registered in Delaware.

Invesco is a global investment firm with $1.8 trillion AUM. pic.twitter.com/vy5yrA2zVX

— SolanaFloor (@SolanaFloor) June 13, 2025

Solana ETF Filings Face New Demands From Regulators

Referring to the path taken by the Bitcoin ETF some time ago, this kind of trust registration is a kind of entry ticket to the SEC desk—and usually, shortly thereafter, followed by the filing of an S-1 form. Interestingly, this is not the only attempt to bring Solana to the exchange via the ETF route.

On the other hand, as we previously reported, Fidelity even received official recognition from the SEC to begin the process of reviewing their Solana ETF product. The competition is getting tighter, because Bitwise, 21Shares, and Canary Marinade have also entered the queue.

However, this process is still not easy. As of June 10, the SEC officially asked all Solana ETF issuers to file amendments to their S-1 forms within one week. The main focus? The in-kind redemption mechanism and how staking will be positioned within the ETF structure.

This is interesting because it shows that regulators are at least willing to discuss the possibility of staking within an ETF framework, something that was previously considered somewhat unlikely.

No Green Light Yet, but Blockchain Firms Keep Building Bridges

Furthermore, although document amendment requests have been filed by several parties, sources close to the process say that the SEC has not given a strong signal that it will expedite its approval. This could be because the technical issues are still being debated, or it could be that they are waiting for the right political timing—what is clear is that there is no full green light yet.

Not only that, the Solana landscape itself is also shifting. In May, the Solana Foundation partnered with R3—a company whose technology is used by HSBC, Bank of America, and the Monetary Authority of Singapore (MAS).

They want to integrate Solana’s public blockchain into their real-world asset tokenization system. In fact, Solana’s Lily Liu will sit on R3’s board of directors. So, in the midst of its ETF listing efforts, Solana is also expanding its reach into traditional financial infrastructure.

In terms of future impact, the launch of a Solana-based ETF could open the door for institutional investors to gain direct exposure without having to worry about holding their own tokens. Imagine a portfolio manager at an investment firm in New York who can buy “SOL” from an ETF like he or she would buy a regular stock—that’s not just convenience, it’s validation.

Meanwhile, as of press time, SOL is changing hands at about $146.80, up 1.92% over the last 24 hours, driving its market cap to surpass the $75 million mark.