Invesco and Galaxy Digital have taken a concrete step toward bringing a Solana exchange-traded fund (ETF) to the US market.

Public records show that the firms registered a trust named Invesco Galaxy Solana ETF with Delaware’s Division of Corporations on June 12.

Over the past months, several firms have created Delaware statutory trusts before seeking approval from the US Securities and Exchange Commission (SEC) to launch a crypto ETF. This structure provides a legal framework and signals intent to regulators and investors alike.

If Invesco and Galaxy proceed as expected, the next milestone will be filing an S-1 registration statement with the SEC.

This filing would formally initiate the regulatory review process required to list the product on a national securities exchange.

Solana ETF momentum builds

Invesco and Galaxy’s trust registration comes when momentum is building around a potential approval for a Solana ETF product.

Data from prediction market Polymarket shows a 91% probability that such a product will receive approval in 2025. The optimism follows reports suggesting the SEC may greenlight the first Solana ETFs as early as July.

The SEC has asked prospective issuers to update their S-1 filings within one week. This request points to active dialogue between the regulator and market participants.

In addition, the discussions have also reportedly included whether to permit limited staking functionality within approved ETFs, a feature that could enhance investors’ returns.

So, should the ETF secure approval, the product would allow investors to gain exposure to Solana’s price performance through a regulated vehicle, without direct custody or purchase of the digital asset.

However, the level of investor demand remains uncertain. Bloomberg ETF analyst Eric Balchunas noted that while the product will likely attract some inflows, they are unlikely to match the scale of demand seen with Bitcoin ETFs.

Balchunas noted::

“The further away you get from BTC, the less assets there will be.”

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