Invesco & Galaxy Double Down: Solana ETF Filing Becomes 9th US Bid for Crypto Exposure

Wall Street's crypto obsession hits overdrive as asset management giants Invesco and Galaxy Digital slap down paperwork for a Solana ETF—the ninth such US filing this cycle. Because nothing says 'mature asset class' like chasing the flavor-of-the-month altcoin.

Solana joins the ETF queue

The 'Ethereum killer' just got a heavyweight endorsement. With this filing, SOL enters the big leagues—at least on paper. Never mind that regulators still haven't approved a spot Ethereum ETF. Who needs precedent when you've got FOMO?

The institutionalization continues

Another day, another traditional finance firm scrambling for crypto relevance. The filing signals growing institutional demand—or more likely, a desperate grab for fee revenue as active management dies a slow death. Either way, the crypto-industrial complex marches on.

SEC Receives Ninth Solana ETF Filing

The filing, dated June 25, 2025, marks the ninth entity to seek approval for a Solana ETF in the US. This signals a surge in institutional interest in altcoin-based investment vehicles.

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

According to the S-1, Invesco Capital Management LLC will act as the sponsor. Galaxy Digital will be in charge of purchasing the necessary amount of SOL.

Coinbase Custody is named as the custodian for the fund’s Solana holdings. The Bank of New York Mellon will serve as the administrator, transfer agent, and cash custodian. The filing also includes provisions for staking SOL.

“The Sponsor may, from time to time, stake a portion of the Trust’s assets through one or more trusted staking providers, which may include an affiliate of the Sponsor or the Execution Agent (“Staking Providers”). In consideration for any staking activity in which the Trust may engage, the Trust WOULD receive certain staking rewards of SOL tokens, which may be treated as income to the Trust,” the S-1 reads.

Earlier this month, multiple asset managers also made updates to their Solana ETF registration filings to allow staking. Invesco and Galaxy Digital now join VanEck, Bitwise, Grayscale, 21Shares, Canary Capital, Franklin Templeton, and Fidelity, all vying to bring Solana ETFs to market.

Will the SEC Approve SOL ETFs in 2025?

Notably, there is significant Optimism surrounding the likelihood of approval. Previously, Bloomberg ETF analyst James Seyffart noted that the SEC “may act early on spot Solana and staking ETF filings.” 

“Get ready for a potential Alt Coin ETF Summer with Solana likely leading the way (as well as some basket products),” Bloomberg’s senior ETF analyst Eric Balchunas added. 

Furthermore, BeInCrypto reported that the Bloomberg analysts raised the odds of approval for a Solana ETF in 2025 from 70% to 95%. Polymarket data also reflected a similar sentiment. 

The latest data from the prediction market platform showed that the approval chances have reached 90%, further indicating growing market confidence.

Meanwhile, besides the Solana ETF, Canary Capital’s Pudgy Penguins (PENGU) ETF has also made progress. On June 25, Cboe BZX filed FORM 19b-4 to propose a rule change to list and trade shares of the Canary PENGU ETF.

“The Canary PENGU ETF, the first and only spot pudgy penguin filing, just got its 19b-4 filing via CBOE. On clock soon,” Balchunas wrote.

This reflects a broader push by investment managers to diversify their offerings and test the limits of what the SEC will approve in the current pro-crypto administration.