Coinbase Custody Named as Key Provider in Invesco and Galaxy Digital’s Solana ETF Filing

In a significant development for the cryptocurrency market, Invesco and Galaxy Digital have jointly filed for a Solana ETF, marking the ninth such application in the United States. The proposed Invesco Galaxy Solana ETF (QSOL) aims to track the spot price of SOL and is slated to list on Cboe BZX upon approval. Notably, Coinbase Custody and Bank of New York Mellon have been named as key service providers in the filing, which also includes provisions for SOL staking rewards. This move, submitted on June 25, underscores the growing institutional demand for Solana-based investment products and further solidifies the cryptocurrency's position in the mainstream financial ecosystem. The involvement of major players like Coinbase highlights the increasing integration of digital assets into traditional finance frameworks.

Invesco and Galaxy Digital File for Solana ETF, Marking 9th US Filing

Invesco and Galaxy Digital have jointly filed for a solana ETF, the ninth such application in the US. The proposed Invesco Galaxy Solana ETF (QSOL) aims to track SOL's spot price and would list on Cboe BZX if approved. Coinbase Custody and Bank of New York Mellon are named as key service providers, with provisions for SOL staking rewards included in the filing.

The June 25 submission signals growing institutional demand for altcoin investment vehicles, following similar ETF efforts for Bitcoin and Ethereum. Galaxy Digital would handle SOL acquisitions while Invesco serves as sponsor, potentially staking assets through affiliated providers to generate additional yields.

Bernstein Calls Coinbase the 'Amazon of Crypto,' Raises Price Target to $510

Bernstein analysts have dramatically revised their price target for Coinbase (COIN) upward by 64%, from $310 to $510, citing the exchange's dominant position in institutional crypto services and stablecoin revenue. The firm likened Coinbase to "the Amazon of crypto financial services," emphasizing its custody solutions for bitcoin ETF asset managers and recent acquisition of Deribit, a leading crypto options exchange.

Coinbase shares surged to a six-month high of $369.28 on June 25th, marking a 140% quarterly gain. Nearly 15% of the company's revenue now stems from its stablecoin operations, which Bernstein expects to benefit from upcoming regulatory clarity. The analysts highlighted Base, Coinbase's ethereum Layer 2 network, as a foundational element for future tokenization growth.