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- Invesco and Galaxy Digital are the latest to file for a Solana (SOL) Exchange Traded Fund (ETF), boosting the chance of approval this year.
- The approval odds for SOL ETF have been fixed at 95% by popular analysts; however, Polymarket believes that 91% is more reasonable.
In a recent update, we disclosed that Invesco and Galaxy Digital have taken an initial step to register a new Trust in Delaware. Today, these two financial giants have officially joined seven others as they file for a Solana-tracking ETF with the US Securities and Exchange Commission (SEC).
In the Form S-1 registration statement shared by Bloomberg analyst James Seyffart, the crypto custody arm of the crypto exchange Coinbase (Coinbase Custody) was proposed to hold the underlying asset (Solana).
Just like the applications filed by the other issuers, the fund is expected to “reflect the performance of the spot price of Solana”. Also, it would trade on the Cboe BZX exchange under the ticker QSOL. Meanwhile, a Form 19b-4 is expected to be submitted for the process of considering its approval to commence.
According to the filing, the Trust would ensure the shares are valued each day after the exchange is opened for regular trading. Most importantly, the value of the asset held would be determined based on the Fair Market Value (FMV) price for Solana.
Updates on Existing SOL ETF Applications
Seven asset managers – Franklin Templeton, Grayscale, VanEck, Bitwise, CoinShares, 21Shares, and Fidelity Investments, which are already in the race, have updated their registration statements upon request, as indicated in our recent news story.
Commenting on this, a researcher identified as Jarek highlighted on X that these issuers seem to have taken note of past approvals, and this could speed up the process. However, Seyffart clarified that no lesson has been learnt on staking.
In a recent post, another Bloomberg analyst, Eric Balchunas, shared an updated table highlighting the approval odds of each ETF application. As detailed in our news brief, the SOL ETFs filed by all seven issuers were indicated to have a 95% approval chance.
Prediction platform Polymarket has also stated that the SOL ETF has a 91% approval chance this year. Fascinatingly, the approval odds were around 81% in January 2025 as indicated in our earlier coverage.
While decisions could be made as soon as possible, the US Securities and Exchange Commission (SEC) is reported to have a final deadline of October 10, 2025, to either reject or approve the applications. Meanwhile, a recent note by the analysts hints that the SEC could act early on “spot Solana and staking ETF filings”. According to them, approval could be announced in July.
Regardless of this update, the price of SOL is still hovering around $145 after declining by 0.13% in the last 24 hours, 0.31% in the last seven days, and 17% in the last 30 days. According to an analyst called Crypto Curb, SOL could stage an explosive rebound to $2000.
As highlighted in our last analysis, Crypto Curb explained that SOL has the potential to reach a market cap of $1 trillion to validate this estimation. He also pointed out that ETH was able to reach a valuation of $0.6 trillion in the previous cycle despite becoming “unusable” with very high transaction fees.
