Cboe BZX Exchange has filed to list the Invesco Galaxy Solana ETF, aiming to offer regulated access to SOL with built-in staking rewards, just weeks after the first U.S. Solana Staking ETF launched.
Invesco Galaxy Solana ETF Brings Spot Exposure
The Invesco Galaxy Solana ETF has been proposed to the U.S. Securities and Exchange Commission to be listed on Cboe BZX Exchange. The SEC filing notes that the ETF is a commodity-based trust under BZX Rule 14.11.
The ETF would offer investors direct exposure to the spot price of Solana by holding actual SOL tokens. The trust will also stake a portion of its SOL holdings using trusted providers, generating staking rewards. These rewards may be treated as income for the fund.
If approved, the Invesco Galaxy Solana ETF would become one of the earliest Solana spot ETFs available in the United States. It follows the launch of the REX–Osprey Sol + Staking ETF (SSK), which began trading on Cboe as the first spot SOL ETF with staking support.
Like SSK, the Invesco ETF is designed as a grantor trust and will not register under the Investment Company Act of 1940. It will also not be regulated as a commodity pool. The ETF will use the Lukka Prime Solana Reference Rate to track the asset’s value.
The pricing data will also be refreshed every 15 seconds using the data of the most popular exchanges, notably Binance, Coinbase, Kraken, and OKX. The sponsor will be Invesco Capital Management and administration and distribution will be managed by Fidelity.
Storing of the SOL in the fund will be managed by a third-party custodian where segregated and cold wallets will be used to ensure the best security. The ETF will allow both cash and in-kind creations and redemptions.
Cboe Cites SOL’s Market Integrity in ETF Bid to SEC
Cboe BZX argues in the filing that Solana is resistant to manipulation. The exchange points to SOL’s global 24/7 market, fragmented liquidity, and $2 billion average daily trading volume.
It adds that the token’s decentralized design, arbitrage mechanisms, and lack of insider information further reduce fraud risks. This Solana ETF filing relies on the same regulatory logic used in earlier approvals for spot Bitcoin and Ethereum ETFs.
Cboe notes that Solana futures contracts began trading on CME in March 2025 but have not yet reached the “significant size” standard. The ETF will provide regulated access to Solana to investors without self-custody and exposure to offshore platform risk.
It will also minimize tracking errors witnessed in OTC products of crypto. The step is an indication of an increasing trend toward making major altcoins more accessible on American exchanges through ETF. SOL price is currently $184.23, according to CoinMarketCap data, down 1.3% in the last day.
Cboe Files to List First U.S. INJ ETF With Staking Rewards Feature
Canary Staked INJ ETF has also been proposed by Cboe BZX Exchange for listing. This exchange-traded fund would offer direct exposure to the Injective (INJ) token, which governs the Injective Network.
According to the filing, the ETF would hold actual INJ tokens and allow the sponsor to stake a portion to earn network rewards. These rewards would be treated as income for the fund. The ETF is designed to track the CoinDesk INJ USD CCIX 60 min NY Rate.
Cboe notes that the U.S. INJ market has surpassed a $1.4 billion market cap as of July 2025. If approved, this would be the first INJ-based commodity trust ETF on a U.S. exchange.
Paul
Paul Adedoyin is a crypto journalist with 4+ years experience who provides timely news, in-depth research, and insightful content to inform and empower his audience. His works have been featured on sites such as CryptoMode, CryptoNewsFlash among others.
He holds a degree in Geophysics from OAU, Nigeria. When he’s not writing, he loves watching soccer and reading educative journals.
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