Invesco Galaxy Makes Bold Move: Files for Solana Spot & Staking ETF in US Market

Wall Street's crypto craving just got a fresh fix. Invesco Galaxy—the heavyweight asset manager—just threw its hat in the Solana ETF ring with a dual-threat filing: spot *and* staking exposure.

Why it matters: This isn't just another crypto ETF. By bundling staking rewards with spot price action, they're offering investors a two-for-one deal on SOL's volatility—because who doesn't love extra risk layers?

The fine print: While the SEC keeps playing whack-a-mole with crypto products, Invesco's betting that Solana's 'unregistered security' stigma won't stick. Either way, their lawyers are about to earn their bonus.

Bottom line: Another day, another attempt to package blockchain yields for traditional finance. At least this one skips the 'trust us, we're decentralized' theater.

TLDR

• Invesco Galaxy Files for Solana Spot ETF with Staking Rewards Feature
• Cboe BZX Pushes SOL ETF with Cold Storage, Real-Time Pricing, and Staking
• Solana ETF Proposal Offers Onshore Staking Access via Cboe and Invesco
• New Spot SOL ETF Aims to Combine Secure Custody and Passive Staking Income
• Cboe Files Dual Proposals for Solana and Injective ETFs Featuring Staking

Cboe BZX Exchange submitted a filing to the SEC for the Invesco Galaxy solana ETF. The proposed fund will track the spot price of Solana and include a staking feature. It follows increased activity in the digital asset ETF space amid shifting regulatory dynamics in the U.S.

The ETF aims to offer direct exposure to SOL by holding the native token in cold, segregated wallets. Additionally, it plans to stake a portion of these assets with selected providers. This structure is designed to generate staking rewards, which will be treated as income for the trust.

Cboe BZX Exchange has filed a proposed rule change with the U.S. Securities and Exchange Commission under Section 19(b)(1) of the Securities Exchange Act and Rule 19b-4 to list and trade shares of the Invesco Galaxy Solana ETF under BZX Rule 14.11(e)(4). https://t.co/klzisKaaqn

— Wu Blockchain (@WuBlockchain) July 28, 2025

The proposal uses BZX Rule 14.11(e)(4) as its regulatory framework. It also mirrors the design of spot Bitcoin and ethereum ETFs approved earlier in 2024. This submission makes it one of the first U.S. spot SOL ETFs with staking utility built into the trust.

Solana ETF to Offer Spot Access with Staking Rewards

The Invesco Galaxy Solana ETF will operate as a grantor trust and avoid registration under the Investment Company Act of 1940. It will also not be regulated as a commodity pool, aligning with other digital asset funds. Fidelity will manage the fund’s administration and distribution, while Invesco will act as sponsor.

The ETF will use the Lukka Prime Solana Reference Rate to value its holdings every 15 seconds. The rate aggregates data from top exchanges like Binance, Coinbase, Kraken, and OKX. This ensures transparency and consistent price tracking.

Staking rewards will come from reliable providers and be returned to the trust as income. Redemptions and creations can be processed both in cash and in-kind. All SOL will be stored in secure, cold wallets managed by a third-party custodian.

Cboe BZX Cites SOL Market Structure in Support of Filing

Cboe BZX Exchange emphasized Solana’s global liquidity and decentralized trading infrastructure in its filing. The platform described SOL as resistant to manipulation due to its fragmented market and round-the-clock activity. Daily trading volumes exceeding $2 billion also support the asset’s reliability.

The exchange noted that Solana futures began trading on CME in March 2025. However, they have not yet reached a size considered significant by regulatory standards. Despite that, the ETF is expected to offer regulated access without the risks of self-custody.

Cboe’s strategy echoes earlier logic used in Bitcoin and Ethereum ETF approvals. It argues that SOL’s arbitrage systems and lack of insider data reduce fraud risks. The ETF could be among the earliest to provide onshore SOL access with staking in the United States.

Canary Capital Moves Forward with Injective Staking ETF Proposal

Cboe BZX also filed a separate ETF proposal for Injective. The trust will be sponsored by Canary Capital Group and seeks to offer exposure to INJ tokens. The ETF, if approved, will include a staking component similar to the Solana fund.

Canary first introduced the concept of the Canary Staked INJ ETF earlier in July. This proposal signals broader interest in staking-enabled digital asset funds. It leverages recent comments from the SEC’s Division of Corporation Finance on staking and securities.

This proposed INJ ETF joins a growing list of crypto funds under SEC review. It reflects increasing confidence in the regulatory direction under the current administration. The ETF will follow the same two-step review process as other digital asset-based filings.