Coinbase Custody to Secure Invesco and Galaxy’s Proposed Solana ETF Amid Growing SEC Filings

In a significant development for the cryptocurrency market, Invesco Ltd. and Galaxy Digital have jointly filed for a spot Solana ETF, marking the ninth such application currently under review by the U.S. Securities and Exchange Commission (SEC). The proposed Invesco Galaxy Solana ETF, which would trade under the ticker symbol QSOL on the Cboe BZX Exchange, represents another milestone in institutional crypto adoption. Notably, Coinbase Custody has been selected as the custodian for the fund's SOL holdings, further solidifying Coinbase's position as a preferred institutional partner in the digital asset space. The filing also includes provisions for staking a portion of the fund's SOL holdings to generate additional yield—a feature that has become increasingly common among competing ETF applications from firms like VanEck, Bitwise, and Grayscale. This move comes as institutional interest in Solana continues to grow, with the blockchain network establishing itself as a leading platform for decentralized applications and high-speed transactions. The inclusion of staking rewards in the ETF structure demonstrates how financial products in the crypto space are evolving to capture the unique value propositions of blockchain technology. As of June 2025, the SEC's decision on these multiple Solana ETF applications remains pending, but the growing number of filings suggests increasing confidence among traditional financial institutions in Solana's long-term viability. The involvement of major players like Invesco, Galaxy Digital, and Coinbase signals a maturing market that continues to bridge the gap between traditional finance and decentralized technologies.

Invesco and Galaxy Join Solana ETF Race with Ninth SEC Filing

Invesco Ltd. and Galaxy Digital have filed for a spot solana ETF, marking the ninth such application under SEC review. The proposed Invesco Galaxy Solana ETF (ticker: QSOL) would list on Cboe BZX Exchange, with Coinbase Custody serving as custodian. Notably, the filing includes provisions for staking a portion of the fund's SOL holdings to generate yield—a feature mirrored in competing applications from VanEck, Bitwise, and Grayscale.

Market observers note the filing surge comes despite SOL's recent bearish price action. The SEC could RENDER decisions on multiple Solana ETF applications by July, potentially creating a new institutional gateway for the smart contract platform. Staking mechanisms in these filings suggest issuers are optimizing for total return strategies, reflecting growing sophistication in crypto investment products.

Coinbase Hits Record High Amid Crypto Market Optimism

Coinbase Global Inc. surged to a historic closing high of $369.21, defying analyst skepticism and fueling bullish sentiment across crypto markets. The 3.89% daily gain caps a 40% monthly rally, eclipsing its previous 2021 peak. Real Vision CEO Raoul Pal declared the move "going vertical," anticipating broader crypto momentum as liquidity floods the sector.

The exchange's ascent coincides with its landmark S&P 500 inclusion, where it recently outperformed all index components with a 12.1% single-day gain. Regulatory tailwinds like the advancing GENIUS Act, which seeks stablecoin clarity, further bolster the thesis for institutional crypto adoption.

Separately, TikTok denied allegations of its parent company purchasing Trump-themed memecoins after congressional claims tied $300 million in transactions to GD Culture Group. The unverified accusations drew scrutiny over both the purported investment and the accuser's crypto literacy.