SEC Eyes Crypto ETF for Solana on Stock Exchange Debut
Published Date: 8/18/2025
Notice
Summary
The Cboe BZX Exchange wants to start listing and trading shares of the new Invesco Galaxy Solana ETF, which focuses on the Solana cryptocurrency. This change affects investors looking for easy access to Solana through a trusted exchange and could open up fresh trading opportunities soon. The proposal was filed in July 2025 and is now open for public comments before it goes live.
Analyzed Economic Effects
8 provisions identified: 6 benefits, 1 costs, 1 mixed.
New Solana ETF Proposal Filed
Cboe BZX filed a proposed rule change on July 30, 2025 to list and trade the Invesco Galaxy Solana ETF. The Trust was formed June 12, 2025 and filed a Form S-1 registration statement dated June 25, 2025; the Shares will not trade until that Registration Statement is effective.
Trust May Stake SOL and Earn Rewards
The Trust may stake all or a portion of its SOL through staking providers and would receive staking rewards for that activity. The Registration Statement says any staking rewards may be treated as income to the Trust, and the Trust will disclaim incidental rights (for example, forks or airdrops) which will not be included in NAV.
Custody in Segregated Cold Storage
A third-party Custodian will hold the Trust's SOL in segregated cold storage addresses separate from the Custodian's other customers and will safeguard the private keys. The Custodian will not withdraw, loan, hypothecate, pledge, or otherwise encumber the Trust's SOL without the Trust's instruction.
Trading Halt Rules Tied to Benchmark and NAV
The Exchange may halt trading in the Shares if the IIV or Benchmark value is not being disseminated as required, and will halt trading no later than the next trading day if the interruption persists. The Exchange will also halt trading if the NAV is not available to all market participants at the same time.
Trust Not Registered Under Investment Company Act
The Registration Statement states the Trust will not be an investment company registered under the Investment Company Act of 1940 and will not be a commodity pool for purposes of the Commodity Exchange Act. The Trust and Sponsor are not subject to regulation as a commodity pool operator or commodity trading adviser in connection with the Shares.
Daily NAV and 15-Second IIV Updates
The Trust will calculate NAV once daily as of 4:00 p.m. ET and will disseminate NAV daily. An Intraday Indicative Value (IIV) per share will be updated every 15 seconds during Regular Trading Hours (9:30 a.m. to 4:00 p.m. ET). The Trust will use the Lukka Prime Solana Reference Rate as its Benchmark.
Creation/Redemption and 100,000 Share Minimum
The Trust will create and redeem Shares in cash or in-kind in Creation Baskets and must have a minimum of 100,000 Shares outstanding at the start of listing. Creation orders must be placed by the close of Regular Trading Hours or another time set by the Sponsor.
Risk Disclosures and No Regulated SOL Last-Sale Source
The Exchange will issue an Information Circular before trading that explains special risks, including that there is no regulated source of last-sale information for SOL and that the Commission has no jurisdiction over SOL trading as a commodity. The Circular will also highlight risks of trading outside Regular Trading Hours.
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