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The Cboe BZX Exchange has officially filed with the U.S. Securities and Exchange Commission (SEC) to list the Invesco Galaxy Solana ETF, a new investment vehicle that would provide direct exposure to Solana (SOL), one of the leading Layer 1 blockchain assets. This move comes just weeks after the debut of the REX–Osprey Sol + Staking ETF (SSK), marking a new phase in the evolution of crypto-based ETFs in the U.S.
The filing outlines a structure designed to allow investors to benefit from spot Solana exposure, while also offering staking rewards through trusted providers. If approved, this would be among the first ETFs in the country to give investors regulated access to SOL without requiring self-custody or offshore exchange usage.
Invesco Galaxy Solana ETF: A New Way to Access SOL
According to Cboe’s SEC filing, the Invesco Galaxy Solana ETF will be classified as a commodity-based trust under BZX Rule 14.11. The fund will hold physical SOL tokens in cold, segregated wallets managed by a third-party custodian. In addition to holding SOL, the ETF will stake a portion of the tokens via vetted staking providers. Staking rewards will be collected and treated as income for the trust.
Invesco Capital Management will act as the sponsor of the fund, with Fidelity handling administration and distribution. Price tracking will be managed through the Lukka Prime Solana Reference Rate, which will be refreshed every 15 seconds using pricing data from leading exchanges like Binance, Coinbase, Kraken, and OKX.
The ETF will also support both cash and in-kind creations and redemptions, offering flexibility for institutional and retail investors alike.
Solana ETF Filing Emphasizes Market Integrity
Cboe’s argument in favor of the ETF centers on Solana’s strong market structure. The filing highlights Solana’s average daily trading volume of $2 billion, 24/7 global liquidity, and fragmented order books across exchanges, all of which reduce the potential for price manipulation. These features, Cboe asserts, are consistent with characteristics that previously led to the approval of spot Bitcoin and Ethereum ETFs.
Additionally, the filing notes that Solana’s decentralized nature, open-source protocol, and arbitrage opportunities help limit insider trading and fraudulent activity. This aligns with the regulatory framework used by the SEC when approving spot crypto ETFs in the past.
Although Solana futures began trading on the CME in March 2025, they have not yet met the “significant size” requirement. Still, Cboe believes that the combination of liquidity, decentralization, and transparency makes SOL a suitable candidate for a spot ETF.
Building on the Success of Prior SOL ETFs
The Invesco Galaxy Solana ETF builds on momentum generated by the recent REX–Osprey Sol + Staking ETF (SSK), which was the first spot Solana ETF with staking functionality to launch in the U.S. market. Like SSK, the new Invesco fund will be structured as a grantor trust, meaning it will not register under the Investment Company Act of 1940 and will avoid classification as a commodity pool.
This structure helps sidestep some of the regulatory complications that have plagued earlier digital asset investment vehicles, while also providing a more tax-efficient framework for investors.
Solana’s Market Outlook Post-Filing
The proposal for the Invesco Galaxy Solana ETF comes at a time when Solana (SOL) is trading at approximately $184.23, according to CoinMarketCap, down 1.3% over the last 24 hours. Despite the dip, sentiment around Solana remains optimistic due to its high throughput, low fees, and growing developer ecosystem.
Approval of this ETF could serve as a bullish catalyst, increasing institutional access and potentially driving new inflows into SOL. The added staking component further differentiates it from other crypto ETFs, offering investors passive income opportunities alongside price exposure.
Cboe Also Files for Injective ETF With Staking Feature
In a related development, Cboe BZX has also proposed listing the Canary Staked INJ ETF, which would hold and stake Injective (INJ) tokens. Like the Solana ETF, this fund aims to combine spot token exposure with staking rewards.
According to the filing, the INJ ETF would track the CoinDesk INJ USD CCIX 60-minute NY Rate and provide a regulated investment route into Injective’s growing DeFi ecosystem. The proposal points to Injective’s current market cap of $1.4 billion and the increasing interest in diversified staking-based ETFs.
If approved, the Canary Staked INJ ETF would be the first U.S.-listed fund focused on Injective and would follow a similar grantor trust model to other recently filed crypto ETFs.
Conclusion
The filing of the Invesco Galaxy Solana ETF represents a significant step toward broader adoption of altcoin ETFs in the U.S. market. By combining spot Solana exposure with staking rewards, the fund addresses key investor needs—secure access, yield generation, and reduced counterparty risk.
Cboe’s assertion of Solana’s market robustness and resistance to manipulation will now be weighed by the SEC. If successful, this could open the door to a wave of similar ETF filings targeting Layer 1 tokens with strong utility and trading volumes.
