Invesco & Galaxy Join Solana ETF Race
The race to launch a Solana exchange-traded fund (ETF) heats up, with Invesco and Galaxy Digital submitting the latest application. This brings the total number of competing bids to nine, highlighting significant investor interest in Solana (SOL).
Invesco Galaxy Solana ETF Application
Invesco and Galaxy's filing, an S-1 registration statement with the Securities and Exchange Commission (SEC), details their proposed Invesco Galaxy Solana ETF. This ETF will directly track the spot price of Solana, the sixth-largest cryptocurrency by market capitalization. If approved, it will trade under the ticker symbol "QSOL" on the Cboe BZX exchange.
Following in Bitcoin and Ethereum's Footsteps
This surge in Solana ETF applications follows the successful launches of Bitcoin and Ether ETFs earlier in 2024. Asset managers are now testing the waters for altcoin-focused ETFs, aiming to capitalize on the growing demand for diversified cryptocurrency investments.
Other firms vying for SEC approval include VanEck, Bitwise, and Grayscale, underscoring the competitive landscape. The firms will need to submit a Form 19b-4, detailing proposed rule changes, for the SEC to begin its review process.
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Disclaimer: This information is for educational purposes only and should not be considered financial advice. Investing in cryptocurrencies involves significant risk.