TL;DR
- Invesco and Galaxy Digital registered a trust in Delaware as a preliminary step to filing for SEC approval of a Solana spot ETF.
- The SEC has asked issuers to revise their S-1 filings and could rule on the applications within three to five weeks, according to sources close to the process.
- Bloomberg analysts estimate a 90% chance of approval for Solana and Litecoin ETFs before year’s end, with XRP following closely at 85%.
Invesco and Galaxy Digital are moving forward with their plan to launch a Solana ETF in the United States. Both companies registered a trust in Delaware, a required preliminary step before formally filing an application with the SEC. Expectations around this product’s approval are high, following reports of direct conversations between the regulator and prospective issuers.
So far, firms like Grayscale, VanEck, Bitwise, 21Shares, Canary Capital, Franklin Templeton, and Fidelity are already competing to offer the first Solana spot ETF in the U.S. market. BlackRock, which already participates in the Bitcoin and Ethereum ETF markets, remains the only major player absent from this race. The SEC has requested adjustments to the S-1 forms of the projects under review — a move some interpret as a sign that a final decision could be near.
90% Chance of a Solana ETF Within Weeks
Sources close to the negotiations suggest the SEC could issue decisions on these filings within three to five weeks. There’s also active discussion about the possibility of including staking within ETF structures, a key feature for projects aiming to generate passive yields on held assets.
Institutional interest in Solana is backed by several factors. The token currently ranks fifth by market capitalization among non-stable cryptocurrencies, trading at around $147. It dropped 7% in the past 24 hours, according to CoinMarketCap data — a pullback following a strong upward stretch and broad profit-taking across the market.
Bloomberg analysts, including Eric Balchunas and James Seyffart, estimate a 90% probability that spot ETFs for both Solana and Litecoin will be approved before the end of the year. In the same scenario, XRP ETFs would have an 85% chance, placing them just behind
