The proposal, dated July 28, 2025, outlines plans for the “Invesco Galaxy Solana ETF” to be listed under Cboe’s BZX Rule 14.11(e)(4). The fund would operate as a Delaware-based grantor trust with no expiration date, and Invesco Capital Management LLC would serve as the sponsor.
Unlike mutual funds or commodity pools, the ETF would not fall under the Investment Company Act of 1940 or the Commodity Exchange Act, meaning it would not be regulated as a commodity pool or advisory entity. The trust will be registered via Form S-1 under the Securities Act of 1933.
Cboe’s filing points to recent SEC approvals for spot Bitcoin and Ether ETFs as precedent, noting that while those markets lacked “significant” futures volume on CME, the agency still found sufficient safeguards to approve them.
Invesco’s latest move adds to the growing momentum behind crypto ETFs beyond Bitcoin and Ethereum, marking Solana as the next potential candidate for institutional exposure.
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