Invesco & Galaxy Double Down on Solana ETF Ambitions with Strategic Delaware Trust Move
Wall Street''s crypto obsession takes another leap forward as asset management giants Invesco and Galaxy stake their claim in the Solana ETF race.
The Delaware gambit: By registering a trust in the corporate haven state, the firms are laying groundwork for what could become the first US spot Solana ETF—if regulators ever stop dragging their feet.
Why it matters: This isn''t just about adding another crypto ETF to the menu. Solana''s blistering speeds and low fees have made it the institutional darling for blockchain scalability—when it''s not suffering outages.
The cynical take: Nothing gets traditional finance moving faster than FOMO—especially when there''s a 2% management fee waiting at the finish line.
Solana ETF momentum builds
Invesco and Galaxy’s trust registration comes when momentum is building around a potential approval for a Solana ETF product.
Data from prediction market Polymarket shows a 91% probability that such a product will receive approval in 2025. The Optimism follows reports suggesting the SEC may greenlight the first Solana ETFs as early as July.
The SEC has asked prospective issuers to update their S-1 filings within one week. This request points to active dialogue between the regulator and market participants.
In addition, the discussions have also reportedly included whether to permit limited staking functionality within approved ETFs, a feature that could enhance investors’ returns.
So, should the ETF secure approval, the product would allow investors to gain exposure to Solana’s price performance through a regulated vehicle, without direct custody or purchase of the digital asset.
However, the level of investor demand remains uncertain. Bloomberg ETF analyst Eric Balchunas noted that while the product will likely attract some inflows, they are unlikely to match the scale of demand seen with Bitcoin ETFs.
Balchunas noted::
“The further away you get from BTC, the less assets there will be.”
