Breaking: Invesco Galaxy Registers Solana ETF Amid 90% Odds of Approval

Invesco and Galaxy on Friday said it has officially registered for Solana ETF in Delaware. The move comes as the U.S. Securities and Exchange Commission (SEC) asked the issuers to file updated Form S-1, hinting at approval likely by the end of the year.

Invesco Galaxy Solana ETF Gets Registered in Delaware

$1.7 trillion asset manager Invesco and Mike Novogratz’s Galaxy Digital, as part of their partnership, have registered for Solana ETF Trust in Delaware, according to a filing with the Delaware Division of Corporations on June 13.

The registration signifies that Invesco Galaxy has entered the spot Solana ETF launch race with other issuers such as Grayscale, Fidelity, VanEck, 21Shares, and Bitwise. Also, it implies a potential S-1 filing with the U.S. Securities and Exchange Commission (SEC) coming in a few days.

The odds for Solana ETF approval by the U.S. Securities and Exchange Commission (SEC) have increased to 90%. It happened after the securities regulator asked potential Solana ETF issuers to file an updated S-1 form.

More precisely, the SEC asked the issuers to update language regarding in-kind redemptions and how issuers would approach staking.

The SEC has not yet approved any spot ETFs tracking altcoin prices after the successful approval of Bitcoin and Ethereum.

Recently, CoinShares also quickly moved to register for the Solana ETF Trust in Delaware after the SEC’s latest comment on spot Solana ETF filings.

Solana and XRP ETFs Likely to Get Approval First by the SEC

Bloomberg ETF analysts Eric Balchunas and James Seyffart have revealed that Solana and XRP would likely be the first to get approval by the U.S. SEC.

They believed that REX-Osprey ETH and SOL staking ETFs filed under the Investment Company Act of 1940 might have influenced the SEC’s decision.

The issuers have rushed to file ETFs for altcoins, including XRP, SOL, HBAR, and SUI, in the post-Gary Gensler era.

Moreover, crypto adoption has increased amid US President Donald Trump’s pro-crypto policy approach. This marked a major step toward institutional adoption of cryptocurrencies, including Solana.

In fact, many companies have declared their interest in adding SOL and XRP to their treasury as reserve assets.

SOL Price to Rally Amid ETF Progress?

Solana (SOL) price fell nearly 10% in the past 24 hours, with the price trading at $145.62 at the time of writing.

The 24-hour low and high were $141.44 and $160.43, respectively. Furthermore, the trading volume increased by 62% in the last 24 hours as the broader crypto market crashed.

Whale Alert reported Solana tokens worth more than $500 million moved between wallets within just an hour of the announcement by Invesco Galaxy. It raised speculation within the crypto community.

Analysts expect SOL to spike above the $200 psychological level first, which would confirm a further rally in SOL price.

Analyst Ali Martinez earlier predicted a 5x to 10x bull run if the SOL price breaks above the $200 level. The analysis was based on the formation of cup and handle pattern in the weekly timeframe.

Nevertheless, experts assert SOL price to quickly rally after the approval of a spot Solana ETF by the SEC.

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