The race to launch a Solana (SOL) exchange-traded fund (ETF) in the United States is intensifying, with Invesco and Galaxy Digital the latest to join the competition. On Wednesday, June 25, 2025, the two firms filed a registration statement with the U.S. Securities and Exchange Commission (SEC) for an "Invesco Galaxy Solana ETF." If approved, the fund would trade on the Cboe BZX Exchange under the ticker symbol "QSOL."

Invesco Capital Management LLC would act as the sponsor, while Galaxy would be responsible for acquiring the tokens. The Bank of New York Mellon would serve as the administrator, and Coinbase Custody Trust Company, LLC would be the custodian of the SOL.

With Invesco and Galaxy's entry, there are now nine firms vying for a U.S.-listed spot Solana ETF. Other prominent contenders include VanEck, Bitwise, 21Shares, Grayscale, Franklin Templeton, Canary Capital and Fidelity. BlackRock, a major player in Bitcoin and Ethereum ETFs, remains notably absent from the Solana ETF race.

The filing signifies the growing interest of traditional financial institutions in Solana, the sixth-largest cryptocurrency by market capitalization. Similar to Bitcoin and Ethereum ETFs, a Solana ETF would provide investors with exposure to the price of SOL without requiring them to directly purchase and hold the cryptocurrency.

The proposed Invesco Galaxy Solana ETF aims to track the spot price performance of Solana using the Lukka Prime Solana Reference Rate as its benchmark. This pricing mechanism tracks the spot price of Solana in the market.

Bloomberg analysts estimate a 95% chance of SEC approval for a Solana ETF by the end of 2025. This optimism stems from the SEC's increasing openness to approving similar products. The SEC's recent approval of Ethereum spot ETFs, which include staking rewards, has further fueled expectations for Solana ETFs.

Many of the firms vying for a Solana ETF have included language around staking in their filings, as requested by the SEC. Staking involves participating in the Solana network's validation process and earning rewards in return. The staking rewards would belong to the trust and may enhance its returns.

The SEC has reportedly begun reviewing technical details such as staking mechanics and redemption models, suggesting a fast-tracked approval process could be underway.

The potential approval of a Solana ETF would mark a significant milestone for institutional adoption of the cryptocurrency. It would also signal a broader shift in regulatory openness toward altcoin-based investment products.

According to analysts, the approval of spot Solana ETFs could unlock a massive wave of liquidity into the market and increase Solana's price. It could also lead to increased liquidity and market depth, making it easier for investors to buy and sell Solana.

The race for a Solana ETF is heating up, with multiple firms submitting applications and the SEC actively engaging with asset managers to refine their filings. The potential approval of a Solana ETF could have a significant impact on the cryptocurrency market, driving further institutional adoption and increasing access for investors.