Cboe BZX has officially filed for the listing of the new Invesco Galaxy Solana ETF, which could become the first in the U.S. to allow income generation from staking Solana coins.
This is reported by Finway
Features of the Filed Application and Fund Benefits
The application submitted to the U.S. Securities and Exchange Commission (SEC) proposes the creation of an exchange-traded fund that will track the Lukka Prime Solana Reference Rate price index. This index is updated every 15 seconds using data from leading cryptocurrency exchanges, including Coinbase and Binance. The proposed fund offers both cash and non-cash procedures for the creation and redemption of shares, simplifying the process for investors.
The application highlights the average daily trading volume of Solana, which stands at around $2 billion. This figure, according to the applicants, supports the feasibility of launching a Solana ETF even without a mandatory joint oversight agreement with a regulated futures market, which is typically required by the SEC for such investment products.
Expert Opinions and Market Situation
According to the applicants, the average daily trading volume of $2 billion for Solana confirms the rationale for ETF approval even without entering into a joint oversight agreement with a regulated futures market, which is usually a requirement by the SEC for similar products.
At the same time, Kadan Stadelmann, the Chief Technology Officer of Komodo Platform, expressed concerns about potential centralization risks within the Solana network. He noted that the Proof-of-Stake model on which Solana is based allows those who hold tokens to become validators, rather than those with computational power. In his view, this creates conditions for the concentration of power in the hands of a few players. The expert also pointed out the “thin trading book of SOL,” which could lead to market manipulation, and the small number of validators capable of controlling a significant share of staked coins, increasing the risks of collusion among them.
The application for the launch of the Solana ETF comes amid delays in the SEC’s review of cryptocurrency initiatives. For instance, on July 30, the regulator postponed its decision on the Invesco Galaxy Ethereum ETF until September 25. Additionally, the SEC has moved the review of the Truth Social Bitcoin ETF to September 18, and the decision on the conversion of Grayscale’s Solana Trust to October 10.
Meanwhile, the SEC has accepted BlackRock’s application to add staking to the Ethereum ETF. On July 2, 2025, the first spot Solana ETF was already launched in the U.S. market, introduced by REX Shares and Osprey Funds.