Michael Novogratz's Galaxy And Invesco File To Launch Solana ETF: What You Should Know About QSOL

Asset management giant Invesco filed for a cryptocurrency exchange-traded fund focused on Solana SOL/USD on Wednesday, expanding its offerings beyond Bitcoin BTC/USD.

What Happened: The proposed Invesco Galaxy Solana ETF, filed in collaboration with the Michael Novogratz-founded firm Galaxy Digital Inc. GLXY, is slated to be listed on the Cboe BZX exchange under the ticker “QSOL,” according to an S-1 filing with the SEC.

Bank of New York Mellon Corp. BK has been appointed as the administrator and cash custodian of the ETF, while Coinbase Global Inc. COIN will be responsible for holding all of the trust’s SOL.

Earlier this month, several companies seeking to launch Solana ETFs updated their filings with the SEC to address the regulator’s queries, according to Reuters. Bloomberg analyst James Seyffart suggested that the SEC "may act early" on spot Solana ETFs.

Invesco and Galaxy Digital already operate the Invesco Galaxy Bitcoin ETF BTCO. Check out Benzinga Edge Stock Rankings for the latest figures on its momentum and growth metrics, as well as how it compares to other Bitcoin ETFs.

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Price Action:  At the time of writing, SOL traded at $144.21, down 1.18%% in the last 24 hours, according to data from Benzinga Pro.

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Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.