Invesco Galaxy has submitted the final paperwork to launch a Solana exchange-traded fund (ETF). This means trading on the Cboe BZX Exchange may start soon. The asset manager filed a Form 8-A with the U.S. Securities and Exchange Commission (SEC). It is worth noting that this move is an important step before the ETF can officially trade on a national exchange.
Invesco Galaxy’s QSOL to Begin Trading on Cboe Soon
According to the filing, Invesco Galaxy Solana ETF is expected to trade under the ticker symbol QSOL. A Form 8-A is usually one of the last steps in the regulatory process. It shows that the issuer is ready for listing and has met previous registration requirements.
Recall that last month, Invesco Galaxy filed an S-1 registration form to introduce a 0.25% fee for its Solana ETF.
While the issuer has not waived its sponsor fee, it does plan to occasionally waive all or part of this fee at its discretion. Additionally, Invesco Ltd, a seed capital investor, bought 4,000 shares for $100,000. This marked the initial purchase of the trust’s shares. If approved, the Invesco Galaxy fund will add to SOL’s market.
Meanwhile, this move shows the company’s commitment to offering more crypto-focused investment products. As major financial firms become more involved in digital assets, ETFs have also become important for mainstream adoption.
Solana ETFs Hit by Heavy Outflows
After weeks of strong demand, Solana ETFs saw their biggest outflow ever. At the beginning of the month, U.S. Solana ETFs saw a major setback shortly after posting a net outflow of $13.55 million.
The decline was largely driven by the 21Shares Solana ETF, which recorded a single-day redemption of $32.54 million.
Despite this pressure, not all Solana funds moved in the same direction. Bitwise Solana Staking ETF (BSOL) brought in $17.18 million while the Grayscale Solana ETF added $1.82 million. Even after the heavy losses, Solana ETFs now manage over $790 million in assets. This shows that institutional long-term interest remains steady.
SOL’s price has also stayed strong. It rose more than 3% to $137.35 in the last 24 hours.
Solana Momentum Expands Beyond ETFs
Interestingly, Solana’s momentum is extending beyond ETFs. In Japan, DeFi Development Corp launched the country’s first Solana Treasury firm with Superteam Japan. The company announced that this move is part of its “Treasury Accelerator Program” to help institutions build Solana-based treasuries.
Furthermore, Gemini has launched its Solana Edition Credit Card, making Solana usage a part of everyday spending.
The card allows users to earn rewards on purchases, which can be automatically staked to earn extra yield. Cardholders can also get up to $5 cashback in SOL on eligible purchases. As such, helping them grow their crypto while they spend.