The U.S. Securities and Exchange Commission (SEC) has formally acknowledged the application for the Invesco Galaxy Spot Solana ETF, moving the proposal into the agency’s review process.
The fund, a joint effort between Invesco and Galaxy Digital, is designed to track the spot price of Solana and would be listed on the Cboe BZX Exchange if approved.
The acknowledgement follows Cboe BZX’s submission of a Form 19b-4, a required step for proposing a rule change to list the product. This acceptance signals that the SEC has begun evaluating the application, a process that could end in an approval decision many in the market expect later this year.
This year has seen a flurry of Solana ETF filings. In May, REX Shares filed for a spot Solana ETF, which was marked “immediately effective,” raising expectations for a near-term launch. Invesco’s proposal now sits alongside pending applications from VanEck, 21Shares, Bitwise, Grayscale, Canary Capital, Franklin Templeton, and Fidelity.
Analysts say approval odds are improving, citing the existence of CME-listed Solana futures and a political climate more favorable to cryptocurrency under SEC Chair Paul Atkins. Some estimate the SEC could give the green light by October, with U.S. President Donald Trump’s public support for digital assets adding to the momentum.
The filing comes as Solana’s price extends recent gains. The cryptocurrency was trading at $206.46 on Thursday, up 5.27% in the past 24 hours, with a market capitalization of $111.42 billion. Trading volume over the same period rose 8.39% to $12.46 billion. Investors and industry watchers view the SEC’s decision on this application as a potential milestone for integrating Solana into mainstream investment products.
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