Breaking: Cboe BZX Pushes for Game-Changing Invesco Galaxy Solana ETF Approval
Wall Street's latest crypto craving just got spicier. The Cboe BZX exchange is going all-in on Solana, filing for regulatory approval of Invesco Galaxy's spot ETF—a move that could send SOL prices stratospheric if the SEC plays ball.
Why this matters: Solana joins the ETF big leagues
After Bitcoin and Ethereum ETFs dominated 2024, institutional money now wants a piece of crypto's speed demon. The 'SOL ETF' filing signals growing confidence in blockchain's third-most-valuable network—despite its occasional downtime dramas.
The regulatory gauntlet awaits
SEC Chair Gensler's team now faces mounting pressure to greenlight altcoin ETFs. Approval could flood Solana with billions in institutional cash. Rejection? Just another Tuesday for crypto traders who thrive on volatility.
Finance veterans smirk: 'Ah yes, another product to separate investors from their money while we collect fees.' But for crypto bulls? This could be Solana's ticket to the institutional big leagues—assuming the network stays online long enough to cash the check.
Regulatory delays
The SEC has also delayed decisions on multiple other crypto products, pushing back the Truth Social Bitcoin ETF deadline to September 18 and Grayscale's Solana Trust conversion to October 10.
This month alone, the agency blocked two staff-approved multi-asset crypto ETFs: Grayscale's Digital Large Cap Fund and Bitwise's 10 Crypto Index ETF.
Cboe BZX, along with NYSE Arca, meanwhile, have both submitted separate proposals asking the SEC to fundamentally change how crypto ETFs get approved.
The exchanges want certain products to list automatically without case-by-case regulatory review, bringing crypto ETF treatment in line with traditional asset classes.
