Hassan Maishera
TL;DR
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Invesco and Galaxy Digital have joined the Solana ETF race with their latest filing.
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The fund would trade on Cboe BZX under the ticker symbol “QSOL.”
Invesco and Galaxy Digital Join the Solana ETF Race
Investment management company Inveasco Ltd and crypto-focused firm Galaxy Digital have officially joined the Solana exchange-traded fund (ETF) after their latest filing with the Securities and Exchange Commission.
Subsidiaries of the two companies filed a registration statement on Wednesday with the regulator, "Invesco Galaxy Solana ETF." If approved, the ETF would trade on Cboe BZX under the ticker symbol "QSOL."
According to the statement, Invesco Capital Management LLC would be the sponsor while the Bank of New York Mellon would be the administrator. Meanwhile, Mellon. Galaxy would be tasked with acquiring the tokens. Finally, Coinbase Custody Trust Company, LLC would be the custodian of the SOL.
This latest development comes as several firms are looking to launch Solana ETFs, including VanEck, Bitwise, and 21Shares. While the SEC has approved Bitcoin and Ethereum ETFs, investment firms are looking to list other altcoin ETFs, including DOGE, XRP, and Litecoin.
Earlier this month, the SEC requested that Solana ETF issuers update their S-1 filings. The request by the SEC suggested that the regulator could approve the Solana ETF applications soon.
