The American exchange Cboe BZX has officially filed with the U.S. Securities and Exchange Commission (SEC) to launch a new exchange-traded fund, the Invesco Galaxy Solana ETF, which could become the first ETF in the country to offer staking for the cryptocurrency Solana.
This is reported by Business • Media
New ETF: Features and Benefits
If the SEC approves this initiative, the Invesco Galaxy Solana ETF will provide regulated access to the Solana (SOL) cryptocurrency for investors in the U.S. A key feature of the fund will be the ability to earn income through staking, which means passive earnings from holding coins within the Solana ecosystem.
The application states that the fund will track the Lukka Prime Solana Reference Rate—a special price index that updates every 15 seconds based on data from major exchanges, including Coinbase and Binance. The proposal also includes both cash and non-cash methods for creating and redeeming fund shares.
Arguments and Concerns from Experts
One of the key arguments in favor of launching the Solana ETF is the high average daily trading volume of Solana, which reaches $2 billion. They believe this justifies the approval of the fund even without entering into a joint oversight agreement with a regulated futures market, which is typically required by the SEC for such products.
According to the applicants, the average daily trading volume of $2 billion for Solana supports the case for approving the ETF even without entering into a joint oversight agreement with a regulated futures market, which is usually a requirement by the SEC for similar products.
At the same time, Kadan Stadelmann, the CTO of Komodo Platform, expressed concerns about the potential centralization of the Solana network due to the Proof-of-Stake model, as the right to become a validator is granted to token holders rather than users with significant computational power. He believes that the “thin trading book of SOL” creates risks of market manipulation, and the concentration of validators could increase the likelihood of collusion.
SEC Decisions on Cryptocurrency ETFs
The application for the Invesco Galaxy Solana ETF was submitted amid delays in the SEC’s decisions regarding cryptocurrency products. The regulator recently postponed the review of a similar Ethereum ETF from Invesco Galaxy until September 25. The SEC also delayed decisions on the Truth Social Bitcoin ETF until September 18 and on the conversion of Grayscale’s Solana Trust into an ETF until October 10.
Meanwhile, the commission has accepted BlackRock’s application to include staking in the Ethereum ETF, and on July 2, 2025, the first spot Solana ETF from REX Shares and Osprey Funds debuted in the U.S. market.
More details about the first spot Solana ETF in the U.S. can be found in a separate article.